Oracle's quarterly revenue beats estimates as AI boom drives cloud demand

Oracle's first-quarter revenue rose 30% to $19.3 billion, compared with analysts' average estimate of $19.14 billion, according to data compiled by LSEG.

The company expects adjusted earnings per share of $8.10 for fiscal 2027, compared with its prior forecast of $8.05. Analysts on average expect annual profit of $8.07 per share. It forecast revenue of at least $90 billion for fiscal 2027.

For the second quarter, Oracle expects a 30% to 34% jump in revenue, and adjusted profit between $1.85 and $1.93 per share, both in line with market expectations.

Sept. 10 (Reuters) - Oracle topped Wall Street expectations for first-quarter revenue on Thursday and lifted its annual profit forecast, boosted by strong demand for its cloud computing services from surging enterprise spending on AI.