A tough economy has pressured cloud spending by businesses, sending Oracle's shares down 9%.
current-quarter revenue below Wall Street targets on Monday and narrowly missed expectations for the first quarter as a tough economy pressured cloud spending by businesses, sending its shares down 9% in extended trading.
Still, analysts have said that the rise in adoption of artificial intelligence applications could boost Oracle’s cloud infrastructure business because the advances made in its networking technology are more suited to take on AI workloads. “As of today, AI development companies have signed contracts to purchase more than US$4-billion of capacity in Oracle’s Gen2 Cloud. That’s twice as much as we had booked at the end of Q4,” chairman and chief technology officer Larry Ellison said.
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