Oracle (ORCL) shares climbed in late Thursday trading after the company reported fiscal first-quarter results that came in above expectations.
The company said growth in its cloud infrastructure business accelerated into triple digits, a sign that Oracle is turning strong demand for AI computing power into higher sales.
Austin, Texas-based Oracle reported adjusted earnings of $1.92 per share on revenue of $19.35 billion for the quarter ended Aug. 31.
Investors responded positively because the results topped analysts’ estimates. The report also highlighted Oracle’s cloud business, where AI-related demand continues to support growth.
