Oracle Q1 results top estimates amid AI-fueled cloud demand

investing.com:

Investing.com — Oracle reported on Monday fiscal first-quarter results that beat analysts' forecasts, as an ongoing push by business to develop generative artificial intelligence applications boosted demand for cloud services. 

Oracle Corporation (NYSE:ORCL) shares fell 3% in after-hours trade following the report.

Oracle announced adjusted EPS of $1.19 on revenue of $12.45 billion. Analysts polled by Investing.com anticipated EPS of $1.15 on revenue of $12.44B.

Cloud services and license support revenues were up 13% to $9.5B year-on-year, but cloud license and on-premise license revenues were down 10% to $0.8B.

«As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle's Gen2 Cloud. That's twice as much as we had booked at the end of Q4,» the company said Monday. 

Adjusted operating margin rose to 41% from 39% in the same period last year.