Oracle Corporation (NYSE:ORCL) after Monday’s close reported fourth-quarter 2023 revenue that rose 18% year-over-year in constant currency to $13.84 billion, propelled by demand for its cloud offerings from companies deploying AI, while also surpassing the $13.74 billion Zacks Consensus Estimate.
The company’s adjusted earnings per share for the period of $1.67 also beat expectations of $1.58.
Oracle’s 4Q cloud revenue surged 55% to $4.4 billion, boosted by its $28.3 billion acquisition of electronic medical records firm Cerner last year, while its revenue from cloud infrastructure totalled $1.4 billion, 76% higher than a year earlier.
The company stated that during the quarter more of its cloud services had received approval for use by US defence and intelligence agencies.
Shares of Oracle rose 3% in after-hours trading and have gained 39% in the year to date as of Monday’s closing price.
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