(Bloomberg) — Oracle Corp. said annual revenue will rise to at least $104 billion in fiscal 2029, a bullish sign for the growth prospects of the software maker’s cloud infrastructure division.
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Executive Vice President Doug Kehring delivered the forecast Thursday during Oracle’s annual briefing for financial analysts. Oracle also raised its sales outlook for fiscal 2026 to at least $66 billion, from a previous target of $65 billion. Analysts on average estimate revenue for 2026 is $64.5 billion, according to a Bloomberg survey.
The Austin-based company, known for its database software, is focused on expanding its position in cloud infrastructure, which rents out computing power and storage to compete with Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google. Oracle’s cloud has built a reputation for success with generative artificial intelligence workloads — the company has touted customers including Reka and Elon Musk’s xAI.
Oracle shares rose 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 rivals in cloud infrastructure to make its namesake database software easier to run on their platforms. Most database customers have not yet moved to the cloud, Kehring said at Thursday’s event. Oracle has said that moving on-premises database customers to the cloud will be a key pillar of revenue growth.
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