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Oracle shares jumped following an upbeat forecast on Wednesday when it said its pipeline of cloud computing contracts would more than double next year.
Shares in the company rose nearly 8 per cent in after-hours trading in New York as the tech company reported fiscal fourth-quarter revenue rose 11 per cent to $15.9bn, broadly in line with analysts’ expectation of $15.8bn.
Chief executive Safra Catz said the company’s cloud infrastructure business was expected to grow more than 70 per cent in the next fiscal year, while orders would more than double from $138bn in the same period.
Catz said: “Oracle is well on its way to being not only the world’s largest cloud application company — but also one of the world’s largest cloud infrastructure companies.”
