Oracle, Wall Street and Day After
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Oracle shares soared to a record high Thursday, a day after the company projected “dramatically higher" revenue growth in its current fiscal year.
Chief Executive Safra Catz late Wednesday called for “dramatically higher” revenue growth rates in the fiscal year ahead.
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Oracle stock jumped 14% on Thursday to touch an all-time high of $202.44 after the company's fiscal fourth quarter results topped Wall Street's expectations.
Oracle knew that a massive wave of orders was coming, but they refused to build out infrastructure until contracts were signed. They faced an impossible choice: Insufficient capacity or excess capacity.
Revenue increased 11% year over year during the fiscal fourth quarter, which ended on May 31, according to a statement. Net income rose to $3.43 billion, or $1.19 per share, from $3.14 billion, or $1.11 per share, in the same quarter last year.
Oracle Corporation beat Q4 expectations with strong cloud growth and AI-driven growth. Click for how ORCL valuation limits upside, but the long term remain bullish.