Why Oracle Stock Gained 20.5% in June
Shares of (NYSE: ORCL) rose 20.5% in June 2024, according to data from S&P Global Market Intelligence. The database software veteran posted mixed fourth-quarter results on June 11, but that announcement also included other market-moving news. The Oracle Cloud Infrastructure (OCI) platform has gained a game-changing customer in the artificial intelligence (AI) space.
In the fourth quarter of fiscal year 2024, Oracle reported non-GAAP earnings per share of $1.63 on sales of $14.3 billion. Your average Wall Street analyst was looking for earnings near $1.53 per share on sales in the neighborhood of $14.6 billion.
Oracle investors largely shrugged off that mixed bag of year-end results to focus on a different tidbit in the same report. CEO Safra Katz noted that the OCI platform will play a role in training OpenAI's ChatGPT systems from now on.
Source Fool.com
Oracle Corp. Stock
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