Oracle said on Tuesday it expects revenue in its Oracle Cloud Infrastructure business to grow 77 per cent this year, from earlier projections of 70 per cent, boosted by growing demand for its cloud offerings from companies deploying AI.
Shares of the Austin, Texas-based company rose 13 per cent after the bell.
The company is actively investing in building out data centers to support growth in its Oracle Cloud Infrastructure solution. Analysts say OCI is growing faster than its hyperscaler peers, albeit off a smaller base, and potentially taking market share from peers.
Oracle also said it had signed four multi-billion-dollar contracts with three different customers in the first quarter, helping a 12 per cent increase in revenue to $14.93 billion.
