Oracle's stock price jumped over 7% in after-hours trading in New York following a forecast of over 70% revenue growth in its cloud infrastructure business for the upcoming fiscal year.
The company is focusing on customers in the field of artificial intelligence. Oracle is also working on a joint venture called Stargate to provide OpenAI with computing power.
Oracle's CEO, Safra Catz, stated that the company is on track to become "one of the world's largest cloud infrastructure companies." The company's remaining performance obligations reached $138 billion.
Oracle's Chairman, Larry Ellison, mentioned a recent order to take all available capacity. The company's fourth-quarter revenue increased by 11% to $15.9 billion.
The cloud revenue increased by 27% to $6.7 billion. The revenue in the cloud infrastructure (OCI) sector increased by 52% to $3 billion.