Oracle posts rise in quarterly profit on strong cloud demand

By Thomson Reuters Mar 11, 2024 | 3:17 PM

(Reuters) -Oracle posted a rise in quarterly profit on Monday, as demand rose for its cloud-computing services on the back of a boom in generative AI.

Shares of Oracle jumped 5.9% to $120.82 in extended trading.

The 46-year-old database giant has been trying to reinvent itself as a cloud-computing provider by offering services cheaper than those of rivals such as Amazon.com.

Excluding items the company posted profit of $1.41 per share, up 16% compared to $1.22 per share a year earlier.

However, revenue of $13.28 billion for the three months ended February 29 was below analysts’ average estimate of $13.30 billion, according to LSEG data.

(Reporting by Harshita Mary Varghese in Bengaluru;Editing by Krishna Chandra Eluri)