Oracle Corp (NYSE:ORCL, ETR:ORC) shares rocketed 31% in after-hours trading after the company unveiled a blockbuster cloud growth forecast, brushing aside a slight earnings miss to ignite investor excitement.
The software giant now expects its cloud infrastructure revenue to reach $144 billion in fiscal 2030, up from $10.3 billion in 2025 — a projection that helped send its stock soaring to levels not seen since the dot-com boom.
The jump followed news that remaining performance obligations, a key indicator of future revenue, surged 359% year-on-year to $455 billion.
Despite narrowly falling short on earnings and revenue forecasts, Oracle revealed major new deals with Google and OpenAI.
It also confirmed plans to launch an AI database service in October, integrating OpenAI models directly into its cloud systems.
CEO Safra Catz said the company had signed four multibillion-dollar cloud contracts in the quarter. Oracle now expects $18 billion in cloud revenue in 2026, a 77% increase from this year.