Oracle (ORCL, Financial) anticipates its cloud business revenue to grow by more than 70% in the new fiscal year starting this month, leading to a significant surge in its stock price during after-hours trading. Traditionally known for its database software, Oracle has made a notable shift towards cloud computing in recent years.
The company is actively transforming into a major cloud service provider by offering computing power and storage resources to artificial intelligence clients. CEO Safra Catz stated that Oracle is progressing towards becoming one of the largest cloud infrastructure companies globally. She expressed confidence that the fiscal year 2026 will be even more successful due to accelerated revenue growth.
As of May 31, Oracle reported its remaining performance obligations, an important measure of order volume, reached $138 billion, up from $130 billion at the end of the previous quarter. Oracle's stock closed at $176.38 in New York and surged approximately 7% in after-hours trading.
