Oracle Beats Earnings Expectations as Cloud Business Soars to New Heights
• Oracle beat earnings expectations, posting adjusted EPS of $1.41 vs $1.38 expected • Quarterly sales hit expectations at $13.28 billion • Cloud backlog grew 29% to over $80 billion, a record high • Cloud infrastructure revenue increased 49% year-over-year to $1.9 billion • Oracle touted large new cloud infrastructure contracts showing strong AI demand