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Oracle revealed big cloud infrastructure partnerships with Microsoft, OpenAI, and Alphabet’s Google, but its fourth-quarter sales and profitability fell short of analysts’ estimates.
Oracle (ORCL) reported fourth-quarter revenue and earnings that fell short of analysts’ projections, but in extended trading Tuesday, the company announced significant cloud infrastructure agreements for artificial intelligence (AI) data centers with Microsoft (MSFT), OpenAI, and Alphabet’s (GOOGL) Google Cloud.
Report. Oracle Press Releases Fiscal 2024 Fourth Quarter and Fiscal Full Year Financial Results.
Estimates gathered by Visible Alpha indicate that Oracle’s fiscal fourth quarter sales of $14.29 billion was up 3% over the same time the previous year but below analysts’ forecasts.
Net income was $3.14 billion, or $1.11 per share, lower than the same quarter a year earlier and below analysts’ estimates.
Oracle and Microsoft have partnered to expand Microsoft’s Azure Al cloud platform to Oracle Cloud Infrastructure (OCI) in order to provide OpenAl more capacity.
Working with Oracle and Microsoft excites us. OpenAI CEO Sam Altman stated, “OCI will extend Azure’s platform and enable OpenAI to continue to scale.”
Oracle CEO Safra Catz said, “In Q3 and Q4 Oracle signed the largest sales contracts in our history—driven by enormous demand for training AI large language models in the Oracle Cloud.” She added, “expect[s] that each successive quarter should grow faster than the previous quarter—as OCI capacity begins to catch up with demand.”
“In Q4, alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with Open AI to train ChatGPT in the Oracle Cloud,” added Catz.
“Recently signed an agreement with Google to interconnect our clouds—and initially build 12 OCI datacenters inside the Google Cloud,” the business said. September of this year should see the Oracle database made accessible on the Google Cloud.”
In extended trading Tuesday after the news, Oracle shares surged over 9% to $135.25 as of 4:50 p.m. ET.
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