Oracle Corp. Exceeds Wall Street Expectations with Quarterly Earnings
Oracle Corp. reported quarterly earnings that exceeded Wall Street’s expectations, leading to a 13% surge in its shares during extended trading. The fiscal third quarter ending Feb. 29 saw the company’s earnings per share at $1.41, higher than the expected $1.38, while its revenue of $13.28 billion fell slightly short of the $13.3 billion anticipated. Looking ahead, Oracle projected earnings of $1.62 to $1.66 per share for the fiscal fourth quarter, with revenue growth expected to be between 4% and 6% over sales of $13.8 billion a year ago. Oracle CEO Safra Catz expressed the company’s commitment to reaching its previously stated sales goal of $65 billion by fiscal 2026, suggesting that these targets might be too conservative given the company’s momentum. The quarter saw a 7% increase in revenue from a year earlier, with net income climbing 27% to $2.4 billion. The company’s cloud services and license support segment, its largest business, experienced a 12% sales increase to $9.96 billion, attributed to strong demand for its artificial intelligence servers. Additionally, the company’s cloud revenue rose 25% year over year to $5.1 billion. During the earnings call, Oracle Chairman Larry Ellison mentioned increased business from Microsoft, revealing that Oracle is building 20 data centers for Microsoft and Azure, with three more ordered in the recent week. However, the company’s cloud license and on-premise sales declined 3% to $1.26 billion, slightly beating forecasts.
IaaS Market Set for Remarkable Growth, Especially in BFSI Sector
The Infrastructure-as-a-Service (IaaS) market is projected to reach a valuation of $411.9 billion by 2030, with a robust compounded annual growth rate of 22.6% during the years spanning 2023 to 2030. The report highlights the surge in IaaS adoption across varied sectors, with an emphasis on innovation and security. The compute and storage segments are at the forefront of market expansion, with the latter expected to witness the highest growth rate across the forecast horizon. Enterprises, particularly small and medium-sized businesses, are showing marked interest in IaaS, leveraging benefits such as cost efficiency, fortified security measures, and efficient computing processes to reinvent their operational architectures.
Huawei’s Top 10 Trends of Data Centre Facility for 2024
Huawei Releases Top 10 Trends of Data Centre Facility for 2024 Today, Huawei held a conference on the Top 10 Trends of Data Center Facility in 2024 and released the corresponding White Paper. At the conference, Yao Quan, President of…
Cloud Gaming Revolutionizing the Gaming Industry in 2023
Cloud gaming is set to revolutionize the gaming industry in 2023, offering a new way for gamers to access and play their favorite titles. With the emergence of cloud gaming platforms, players will no longer be limited by the need…