Oracle Cloud Business Booms, Posts Biggest Share Gain in Years on $80B Backlog

• Oracle shares posted biggest intraday gain in 2 years on strong cloud revenue growth • Remaining performance obligation - a measure of Oracle's sales backlog - was $80B, far ahead of expected $59B • Results driven by large new cloud infrastructure contracts signed in Q3, evidencing momentum • Cloud revenue up 25% to $5.1B, just beating estimates; signs of stabilizing growth rates • After acquiring Cerner, Oracle focused on modernizing legacy health software business