Oracle saw first quarter revenue up 9% to $12.5 billion, as its cloud transition positively continued.
“Oracle Cloud Infrastructure revenue grew 66% in Q1, much faster than our hyperscale cloud infrastructure competitors,” beamed Oracle CEO Safra Catz. “Total cloud services revenue, Infrastructure plus Applications, grew 30% to $4.6 billion in the quarter. Oracle Cloud Services plus License Support revenue now accounts for 77% of Oracle’s total revenue.
“This highly-predictable, highly-profitable recurring revenue stream - combined with continued expense discipline – drove 21% growth in free cash flow, and $7 billion in operating cash flow in Q1,” said Catz.
For the quarter ended 31 August, 2023, the firm’s net income jumped over 56% to $2.4 billion.
Oracle chairman and CTO Larry Ellison chipped in: “As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle’s Gen2 Cloud. That’s twice as much as we had booked at the end of Q4. The largest AI technology companies and the leading AI startups continue to expand their business with Oracle.”