Oracle's AI Partnerships Boost Backlog, But Earnings Miss Causes Stock Drop

Oracle, the cloud computing giant, announced record-breaking partnerships with Nvidia and Meta Platforms, pushing its backlog to $523 billion. However, Oracles stock dropped by 11% after a quarterly earnings report, despite a 14% revenue increase and better-than-expected earnings per share. The markets sensitivity to analyst expectations and the tech sectors fast pace seem to have caused investor concern. Oracle projects adjusted earnings per share and revenue growth in line with or exceeding analyst estimates for the third quarter.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.