Oracle surpassed fourth-quarter revenue estimates Wednesday, boosted by growing demand for its cloud offerings from companies deploying artificial intelligence.
The company's growth is largely nurtured by its Oracle Cloud Infrastructure (OCI) solution and support for AI workloads. Analysts see the company becoming more of a cloud service provider that relies less on software growth.
"We expect our total cloud growth rate — applications plus infrastructure — will increase from 24% in fiscal year 2025 to over 40% in fiscal year 2026," said CEO Safra Catz.
Oracle has also been introducing AI assistants, advisers and agents. Its AI Agent Studio, announced in March, is designed to help customers and partners build their own customized AI agents.</p> <p>Revenue for the quarter stood at $15.90 billion, compared with the analysts' average estimate of $15.59 billion, according to data compiled by LSEG