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Oracle Shares Surge 6% to Record High
Sep 13, 2024 1:31 PM - Davit Kirakosyan
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Shares of Oracle Corporation (NYSE:ORCL) surged more than 6% pre-market today driven by the company’s optimistic outlook for future revenue growth fueled by demand in artificial intelligence.
The stock hit a new all-time high, continuing its upward momentum after reporting strong quarterly earnings earlier in the week and securing a key agreement with Amazon Web Services (AWS).
Oracle raised its fiscal 2026 revenue forecast to $66 billion, surpassing its previous estimate of $65 billion and exceeding Street's forecast of $64.5 billion. The company also projected that its annual revenue would reach at least $104 billion by fiscal 2029.
The company's rapid growth is being powered by the increasing demand for cloud services from the expanding artificial intelligence sector. However, Oracle faces competition from tech heavyweights such as Google, Microsoft, and Amazon in this space.
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