03:49 PM EDT, 06/30/2025 (MT Newswires) -- Oracle's (ORCL) shares advanced on Monday after the company disclosed that it clinched a cloud services agreement that is expected to boost annual revenue by more than $30 billion starting in fiscal 2028.

Oracle Chief Executive Safra Catz was scheduled to meet company colleagues today about multicloud database growth, according to a filing with the Securities and Exchange Commission.

"Oracle is off to a strong start in (fiscal 2026)," Catz was expected to say, according to the filing. "Our multicloud database revenue continues to grow at over 100%, and we signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in (2028)."

Shares of the cloud computing company were up 4.9% ahead of market close on Monday. The stock has jumped 32% in value this year.

Earlier this month, Oracle said it expects its revenue growth to accelerate year-on-year in 2026 after reporting fiscal fourth-quarter results that surpassed Wall Street's expectations.

The company raised its revenue guidance for fiscal 2026 to more than $67 billion amid strength in its cloud applications and infrastructure, Catz said on an earnings call at the time. Oracle previously targeted $66 billion in revenue for the year.

Price: 220.87, Change: +10.63, Percent Change: +5.06