Oracle (ORCL.US) rose over 13% after its Q1 earnings beat expectations.

Market VisionTuesday, Sep 10, 2024 11:00 am ET

1min read

Oracle (ORCL.US) shares rose more than 13% to $158.75 as of writing on Tuesday after the company reported its latest earnings. The company's first-quarter revenue, profit and highly anticipated cloud infrastructure revenue all exceeded expectations, calling its multi-cloud deal with Amazon AWS a "milestone" event. The company's Q1 operating revenue grew 7% YoY to $13.3 billion, topping analysts' expectations of $13.23 billion; its highly anticipated cloud infrastructure revenue grew 45% YoY to $2.2 billion, topping analysts' expectations of $2.18 billion. Non-GAAP net profit grew 18% YoY to $4 billion, while GAAP net profit was $2.9 billion.

The company signed a multi-cloud deal with Amazon AWS, and its latest technology Exadata hardware and database software's 23ai version will be embedded in AWS cloud data centers, allowing AWS customers to easily and conveniently access Oracle databases when it goes live in December this year.

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