Oracle's cloud revenue growth forecast jumps 77% on big contracts
Oracle just raised its Oracle Cloud Infrastructure revenue growth forecast to 77% for this year, up from an earlier projection of 70%, after landing four huge contracts with three major clients.
The news sent Oracle's stock up 23%, showing investors are feeling pretty optimistic about the company's future in the cloud game.
Oracle's Q1 FY25 in numbers
In the first quarter of fiscal 2025, Oracle pulled in $14.93 billion (up 12%), powered by strong demand for its cloud services and big partnerships with Amazon, Google, and Microsoft.
The company's Remaining Performance Obligations—a sign of future business—jumped a massive 359% to $455 billion as of August 31, 2024.
Plus, MultiCloud database revenue spiked an eye-popping 1,529%, all thanks to those strategic tech deals and plans to open dozens more data centers.