The Austin-based company, known for its database software, is focused on expanding its toehold in cloud infrastructure, which rents out computer power and storage to compete with Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google. Oracle’s cloud has developed a reputation for success with generative artificial intelligence workloads — the company touted customers including including Reka and Elon Musk’s xAI.
Oracle’s shares jumped about 5% in extended trading. The company has been one of the best-performing software stocks of the year, rallying 53% through Thursday’s close.
The company has also struck deals with its larger cloud infrastructure rivals to allow its namesake database software to run more easily on their platforms. Most database customers haven’t yet moved moved to the cloud, Kehring said during the event Thursday. Oracle has said moving on-premise database customers to the cloud will be a major pillar of revenue growth.
