Sunday, June 23, 2024

Oracle scores big AI win with OpenAI, Google partnerships; Q4 results fall short By Investing.com

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Investing.com — Oracle said Tuesday it struck two new partnership with Open AI and Google (NASDAQ:) Cloud, pointing to strong demand for the company’s AI infrastructure, even as its fiscal fourth-quarter results that fell short of Wall Street estimates.  

Oracle Corporation (NYSE:) rose more than 9% in afterhours following the news. 

Oracle said it had teamed up with Microsoft, and OpenAl to extend Microsoft (NASDAQ:) Azure Al platform to Oracle Cloud Infrastructure, providing additional capacity for OpenAl.

The company also said it had recently signed an agreement with Google to integrate its cloud with Google cloud and build 12 datacenters inside the Google Cloud.

“We expect the Oracle database to be available within the Google Cloud in September this year,” the company said. 

The partnerships, which point to demand for oracle AI infrastructure, offset quarterly results that missed estimates.

Oracle adjusted EPS of $1.63 on revenue of $14.29B, missing Wall Street expectations for $1.65 on revenue of $14.6B.

Remaining performance obligations, a gauge of booked revenue, climbed by 44% to $98B.

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