Oracle’s Q2 earnings report missed the mark for revenue, with shares falling by 10.6% in Wednesday's extended trading as a result.
The tech company's quarterly revenue growth just scraped into guidance range, up 14% at US$16.1 billion, but missed Wall Street estimates of $16.21 billion.
Remaining Performance Obligations (RPO), which demonstrate contracted but not recognised as of yet revenue, reached US$523 billion, an increase of $68 billion from Q1.
This was an increase of 438% year-over-year and comes after it picked up commitments from both Meta and Nvidia during Q2.
Earnings per share also performed well, coming in at $2.26 adjusted against estimates of $1.64.
Moving forward, the software company seems determined to maintain its focus on the AI sector.
“AI Training and selling AI Models are very big businesses,” said Oracle CEO Mike Sicilia.
“But we think there is an even larger opportunity—embedding AI in a variety of different products…Oracle software businesses are already big—AI will make them all better and bigger."
