Oracle Q1 revenue surges 30% to $19.3B on AI cloud
Oracle just dropped some impressive numbers for its first fiscal quarter, fueled by big demand for AI-powered cloud services.
Revenue jumped 30% to $19.3 billion (beating forecasts) and earnings per share hit $1.92 versus the expected $1.74.
Investors liked what they saw, with Oracle's stock rising 4% after-hours.
Oracle backlog $664B amid AI contracts
The company's revenue backlog soared to $664 billion, thanks in part to more than $30 billion in new AI cloud contracts, well above analyst predictions.
Negative free cash flow was lower than expected at $5.4 billion, helped by customer prepayments offsetting spending.
Oracle also raised its fiscal 2027 adjusted earnings forecast and expects one-half of that massive backlog to turn into sales within three years, showing strong confidence in its AI and cloud strategy going forward.