Oracle shares jump on Google and OpenAI deals despite earnings miss
Publishing timestamp: 2024-06-12 12:57:09
Summary
Oracle's fourth-quarter results fell short of expectations, but the company announced cloud deals with Google and OpenAI. Despite the mixed results, Oracle's shares jumped in extended trading. The company is also looking to bring its database software to Google's cloud and is open to similar deals with Amazon Web Services. Oracle's cloud business is growing, but still smaller than rivals like AWS and Microsoft Azure. The company also announced partnerships with Microsoft and OpenAI to deliver supplemental computing capacity. Oracle's stock has gained 18% so far this year.
Sentiment: MIXED
Tickers: AMZN, GOOGL, NVDA, ORCL, MSFT,
Keywords: enterprise, breaking news: earnings, business news, technology, breaking news: technology, alphabet inc, business, oracle corp, nvidia corp, amazon.com inc, earnings, microsoft corp,
Source: https://www.cnbc.com/2024/06/11/oracle-orcl-q4-earnings-report-2024.html