Oracle shares rise as it expects to cross US$100 billion in fiscal 2029 sales

Quick Summary:

Oracle shares rose more than 6 per cent in premarket trading on Friday after the company said it expects to cross $100 billion in revenue in fiscal 2029, as the popularity of AI drives demand for its cloud services.

Oracle trades at a forward price-to-earnings ratio of 24.65, while Microsoft trades at 31.52 and Amazon at 33.73.

Brokerage Bernstein said Oracle was "surprisingly well positioned" to capture cloud services market share.

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Category: EconomyBusiness

Markets: Singapore

Topics: Cent Microsoft Services Oracle 2029 Company Billion Revenue Fiscal Cloud Forecast

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-13 @ 21:13:00 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 347 words

Reading Time: 2 minutes read

Sentences: 18 lines

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Copyright Owner: © Channel News Asia

News ID: 22495512

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