Oracle’s Stock Price Jumps 6% to Reach All-Time High
.September 13, 2024 Friday 09:31 AM
Shares of Oracle Corporation (NYSE:ORCL) jumped over 6% pre-market due to a positive revenue growth outlook driven by artificial intelligence demand. The stock reached a new all-time high following strong quarterly earnings and a key agreement with Amazon Web Services (AWS). Oracle raised its fiscal 2026 revenue forecast to $66 billion, surpassing previous estimates and exceeding Street’s forecast. The company also projected annual revenue to hit at least $104 billion by fiscal 2029. Oracle’s growth is fueled by cloud services demand in the AI sector, but faces competition from tech giants like Google, Microsoft, and Amazon.