Oracle Financial Services Software stock rises 8% to record high after parent firm posts strong results

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₹9,440.90. It has now soared 155 percent from its 52-week low of ₹3,708.50, hit on June 26, 2023.

The scrip has also given multibagger returns in the last 1 year, rallying over 130 percent whereas in 2024 YTD, it has surged 124 percent.It has advanced 26 percent just in June, after a 1.8 percent and 13.4 percent fall in May and April, respectively. Meanwhile, it was positive for the first 3 months of the year, rising 14.3 percent in March, 17.6 percent in February and 55 percent in January."I expect that each successive quarter should grow faster than the previous quarter as OCI (Oracle Cloud Infrastructure) capacity begins to catch up with demand.

In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion, including one with OpenAI to train ChatGPT in Oracle Cloud," CEO Safra Catz said.Meanwhile, in the quarter ended May 31, Oracle reported a 3 percent year-over-year increase in revenue, as stated in their recent announcement. However, net income declined to $3.14 billion, equivalent to $1.11 per share, from $3.32 billion, or $1.19 per share, in the same quarter last year.Moreover, Oracle also reported that its total remaining performance obligations, which represent future contracted sales, surged by 44 percent to reach $98 billion for the quarter ending on May 31.