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Benzinga
  • 2 years ago
Oracle reported better-than-expected bookings and announced new partnership deals with tech rivals like Google and OpenAI, boosting its effort to become a major player in cloud computing. Revenue from Oracle's cloud infrastructure unit that rents computing power and storage grew 42% to $2 billion in the recent quarter. Oracle signed its largest sales contracts ever in the past two quarters, driven by demand for training large AI language models in its cloud. Revenue growth is expected to increase by double digits in the current fiscal year, fueled by strong demand for artificial intelligence workloads.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Oracle reported better than expected bookings and announced new partnership deals with tech
00:06 companies like Google and OpenAI, boosting its effort to become a major player in cloud
00:11 computing.
00:12 Revenue from Oracle's cloud infrastructure unit that rents computing power and storage
00:16 grew 42% to $2 billion in the recent quarter.
00:20 Oracle signed its largest sales contracts ever in the past two quarters, driven by demand
00:24 for training large AI language models in its cloud.
00:28 Revenue growth is expected to increase by double digits in the current fiscal year,
00:32 fueled by strong demand for artificial intelligence workloads.
00:34 For all things money, visit Benzinga.com.
00:37 cop.
00:37 [BLANK_AUDIO]
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