Oracle Crushes Q3 Estimates as Cloud Revenue Surges 44%
Oracle's quarterly results beat Wall Street expectations across the board, sending shares up 6% in after-hours trading.
Oracle just dropped a Q3 earnings report that made Wall Street very happy. The database giant posted $17.19 billion in revenue — a 22% year-over-year jump that topped the $16.91 billion analysts had penciled in.
The real story? Cloud. Oracle's cloud revenue rocketed 44% to $8.9 billion, edging past the $8.85 billion consensus estimate. That's nearly half the company's total revenue now coming from cloud services.
Investors responded predictably. ORCL shares popped more than 6% in extended trading on Tuesday.
The results underscore Oracle's successful pivot from legacy database licensing to cloud infrastructure. The company has been aggressively courting enterprise customers and AI workloads, and the numbers suggest that bet is paying off in a big way. Both top-line beats were modest but enough to fuel after-hours enthusiasm.