Oracle misses revenue estimates due to cloud competition, but remains optimistic with strategic partnerships

From Investing.com: 2024-12-09 18:27:24

Oracle’s second-quarter revenue falls below Wall Street expectations, increasing competition in the cloud services market. Despite healthy growth in the cloud segment, Oracle faces tough competition from Microsoft and Amazon. Analysts express concerns over overheated expectations for AI companies. Oracle’s revenue for the quarter was $14.06 billion, slightly below estimates of $14.11 billion.

To stay competitive, Oracle partners with cloud hyperscalers like Microsoft and Amazon. CEO Safra Catz projects total Oracle cloud revenue to exceed $25 billion by fiscal 2025. The company is investing heavily in upgrading its cloud infrastructure, partnering with Nvidia and expanding cloud facilities. Adjusted earnings per share were $1.47, slightly below estimates of $1.48, with a third-quarter forecast below analyst expectations.



Read more at Investing.com: Oracle misses quarterly results estimates on stiff cloud competition By Reuters