Oracle Stock Jumps on Strong Earnings
Oracle's stock jumped 9% after earnings results. Cloud revenue climbed 44% this quarter.
Oracle also grew revenue and earnings by at least 20% this quarter. This had not happened in over 15 years.
Oracle boosted its revenue backlog by $30 billion. The company also raised its future guidance to investors.
Klear Note — Oracle is a major software and cloud computing company. Strong earnings mean the company made more profit than expected. Higher guidance means Oracle expects even better results ahead.
Key Terms 3
- revenue backlog money from contracts not yet received or counted
- guidance a company's forecast of its future earnings or sales
- cloud revenue money earned from online data storage and computing services