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Oracle shares soar 36% on strong earnings, add $244B in market value
Oracle just had its biggest single-day stock jump since 1992, soaring 36% after reporting strong quarterly earnings.
The huge boost came from strong growth in its cloud business, adding $244 billion to Oracle's market value and bringing it close to the $1 trillion mark.
Ellison briefly became the world's richest person
Oracle's cloud division saw revenue shoot up by 77%, landing big contracts—including a massive deal with OpenAI—to fuel future growth.
The rally briefly made co-founder Larry Ellison the world's richest person, albeit briefly.