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Oracle reports jump in quarterly cloud revenue
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Oracle reports jump in quarterly cloud revenue
Jun 11, 2024 1:46 PM

(Reuters) -Oracle posted a jump in cloud revenue for the fourth quarter on Tuesday, signaling upbeat demand for its cloud services as clients ramp up spending, sending its shares up 9% in extended trading.

The company's cloud revenue came in at $5.3 billion, up 20% from a year ago.

But its total revenue of $14.29 billion for the quarter missed analysts' average estimate of $14.55 billion, according to LSEG data.

Oracle also announced a partnership with ChatGPT-maker OpenAI and Google Cloud to extend its own cloud infrastructure to customers.

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