Oracle has announced a major cloud services deal that could bring the company more than $30 billion in yearly revenue starting in fiscal year 2028.
In a regulatory filing, Oracle’s CEO Safra Catz shared that the company’s database software running on other cloud platforms is growing fast, with revenue increasing by more than 100%.
Following this announcement, Oracle’s stock price rose by 4.86% on Monday. So far this year, the company’s shares are up by 26%.
Oracle, traditionally known for its database software, has been heavily investing in cloud computing—offering companies computing power over the internet. These efforts are starting to show results, especially with the growing demand for AI services.
Earlier this year, Oracle also created a joint venture called Stargate to provide OpenAI with large-scale computing power.
Thanks to its focus on AI and cloud technology, Oracle expects much higher revenue growth in the coming years.
Read more: Microsoft May End Ties with OpenAI: What’s the Real Reason Behind the Fallout?
Google Hires Oracle’s Cloud Finance Leader
In related news, Google (Alphabet Inc.) has hired Kobi Bar-Nathan, who was Oracle’s cloud CFO, to lead Google Cloud’s finance team. Kobi also has experience working at Microsoft in a similar role.
Google Cloud and Oracle are both working to grow in the competitive cloud computing market, where Amazon and Microsoft are still the top players.
Google Cloud, led by Thomas Kurian (a former Oracle executive), has been doing well recently, beating earnings expectations and playing a key role in Google’s AI plans.
