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12/11/2023, 10:08 PM (Source: TeleTrader)
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Oracle's revenue up 5% to $12.9 billion in Q2 2024

Oracle Corporation said on Monday that its total revenue climbed 5% year on year to $12.9 billion for the second quarter of its fiscal 2024, missing estimations. GAAP diluted earnings per share landed at $0.89, rising from $0.63 reported in the same quarter a year earlier.

GAAP net income jumped 44% to $2.5 billion, while operating income was up 18% compared to the second quarter of fiscal 2023, reporting $3.6 billion.

"Demand for our Cloud Infrastructure and Generative AI services is increasing at an astronomical rate … As a measure of that demand, Oracle's total Remaining Performance Obligations (RPO) climbed to over $65 billion –exceeding annual revenue … Business is good and getting better," CEO Safra Catz noted. Meanwhile, said Chairman and CTO, Larry Ellison said that the company "is in the process of expanding 66 of our existing cloud datacenters –and building 100 new cloud datacenters– to meet growing demand." Oracle's shares plunged 9.23% in the after-hours trading.

Baha Breaking News (BBN) / AC