On Monday, Oracle Corporation (NYSE: ORCL) reported its fiscal first quarter results, with both revenue and earnings surpassing Wall Street expectations. In addition, Oracle also announced it joined forces with its cloud rival, no other than the tech titan and cloud leader, Amazon.com Inc (NASDAQ: AMZN).
Fiscal first quarter highlights
For the quarter ended on August 31st, Oracle reported overall revenue rose 8% YoY to $13.31 billion, surpassing LSEG’s consensus estimate of $13.23 billion.
Cloud services revenue rose 21% YoY to $5.6 billion
Powered by hardware from Nvidia Corporation (NASDAQ: NVDA), cloud infrastructure revenue slightly accelerated from the May quarter as it increased 45% to $2.2 billion. In the previous quarter, Oracle reported growth of 42%. But ,this is still lower from quarters preceding the May one that recorded cloud sales growth of 49%, 52% and 66% consecutively. Oracle's contracted work, grew 53% YoY to $99 billion.
Graphics processing unit won as many as 42 new cloud contracts worth $3 billion with Oracle constructing a data center with acres of Nvidia GPU Clusters for ...
