Oracle Corp (NYSE:ORCL, ETR:ORC) shares were up 9% in pre-market trading after the software giant raised its annual revenue guidance, buoyed by continued growth in demand for its artificial intelligence-focused cloud services.
The company now expects total revenue to reach at least $67 billion in fiscal 2026.
In its latest quarter, cloud services revenue rose 14% to $11.7 billion, contributing to a total revenue figure of $15.9 billion, ahead of analyst forecasts.
Oracle’s joint venture with OpenAI, called Stargate, is aimed at scaling computing infrastructure, a move that has positioned the group as a stronger player in the AI space.
Despite broader concerns about the potential impact of new US tariffs, Oracle’s share price has risen nearly 6% this year. At least nine brokerages raised their price targets following the earnings update.
Ahead of the bell in the US, the shares were marked $15.82 higher to $192.20.