Oracle Corp. Sets Sights on $104 Billion in Annual Revenue by 2029
Oracle Corp. is making bold moves in the cloud infrastructure market, with plans to increase its annual revenue to at least $104 billion by fiscal 2029. This optimistic forecast was delivered by Executive Vice President Doug Kehring during Oracle’s annual briefing for financial analysts.
The Austin-based company, known for its database software, is aiming to expand its presence in the cloud infrastructure space. By offering services that compete with industry giants like Amazon.com Inc., Microsoft Corp., and Alphabet Inc.’s Google, Oracle is positioning itself for significant growth in the coming years.
One area where Oracle has seen success is in generative artificial intelligence workloads. The company’s cloud platform has attracted notable customers such as Reka and Elon Musk’s xAI, solidifying its reputation as a leader in this space.
Oracle’s stock price surged approximately 5% in extended trading following the revenue forecast announcement. The company has been a standout performer in the software industry this year, with shares rallying 53% up to Thursday’s close.
In addition to its cloud infrastructure efforts, Oracle has also been proactive in forming partnerships with its competitors. By allowing its database software to run seamlessly on other cloud platforms, Oracle is positioning itself to capitalize on the growing trend of migrating on-premise database customers to the cloud.
As Oracle continues to innovate and expand its offerings, the company is poised for significant revenue growth in the years ahead. Stay tuned to Extreme Investor Network for the latest updates on Oracle’s financial performance and market developments.