The Texas-based firm's cloud business - viewed as a less expensive option to leaders Microsoft and Amazon - has seen rapid adoption due to integration of...
- Oracle shares rose more than 9% in premarket trading on Tuesday as the cloud computing company's upbeat quarterly results and forecast reinforced investor confidence about its ability to narrow the gap with the market leaders.
"Q1 results were good overall and remain fundamentally positive on certain aspects of Oracle's narrative, particularly Oracle's ability to capitalize on AI training-related opportunities," JP Morgan analysts said in a note. The company is also partnering with rival cloud service providers to make it simpler for its customers to connect their data across vendors. On Monday, it announced a tie-up with Amazon Web Services, after having signed a similar one with Alphabet's Google Cloud in June.
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