Oracle shares hit a record high as the company announces artificial intelligence (AI) firms plan to buy more than $2 Billion worth of cloud capacity. This indicates the exponential growth and significance of cloud computing and AI in the technology industry.
The company has invested heavily in developing cloud-based solutions that are tailored to the needs of businesses, with a particular focus on providing enterprise-grade security and reliability. This has made Oracle's cloud computing services particularly attractive to businesses that are looking to move their operations to the cloud.
Cloud computing has become increasingly popular in recent years due to its ability to provide businesses with a cost-effective and scalable way to store and manage data. This has led to a surge in demand for cloud computing services, with many businesses looking to move their operations to the cloud to take advantage of its benefits. Similarly, AI has become increasingly important in recent years due to its ability to automate tasks, improve decision-making, and enhance customer experiences.
Oracle's cloud business has been growing steadily over the past few years, and it has become an increasingly important part of the company's overall revenue. Here is a review of the company’s cloud revenue growth in the past few years:
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In 2022, Oracle's total cloud revenue (SaaS and IaaS combined) stood at $20 billion, which is a third of Oracle's total revenue.
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Oracle estimates that its annual cloud revenues will exceed $20 billion in 2023.
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In Q4 2022, Oracle's cloud services and license support revenues increased by 5% to $5.9 billion, which is a significant part of the company's total revenue.
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In the three-month period that ended in February 2023, Oracle's total cloud revenue totaled $4.1 billion, which is 30% of the company's total revenue.
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In Q1 2023, Oracle's applications and infrastructure cloud businesses represented over 30% of total revenue.
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In the fiscal Q2 2023, Oracle's cloud revenue grew 53%, reaching $20.5 billion, which is almost double that of the world's largest public cloud computing provider. Overall, Oracle's revenue grew 18% in the company's fiscal second quarter, totaling $12.05 billion.
These figures indicate that Oracle's cloud business has become a significant part of the company's overall revenue. In some quarters, it has represented over 30% of the company's total revenue. As Oracle continues to invest in its cloud computing services, it is likely that this percentage will continue to grow.
Oracle's record high shares is a significant development for the company and the technology industry as a whole. It highlights the growing importance of cloud computing and AI in the industry and suggests that these technologies will continue to play a significant role in shaping the future of technology. As such, it is likely that we will see more investment in cloud computing and AI from other technology companies in the coming years.
Editor: Ms.Fahima Afrin
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