In accordance with the financial report for the first quarter of fiscal year 2024 released by Oracle, the company’s total revenue, as per GAAP accounting standards, amounted to $12.453 billion, marking a 9% increase compared to the same period in the previous year. Moreover, Oracle achieved a net profit of $2.42 billion.
The cloud business revenue (IaaS + SaaS) saw a substantial growth of 30%, reaching $4.6 billion. This can be further broken down into $1.5 billion for IaaS, which experienced a remarkable 66% increase, and $3.1 billion for SaaS, demonstrating a solid 17% rise. Notably, Fusion Cloud ERP contributed $0.8 billion, a 21% increase, while NetSuite Cloud ERP contributed $0.7 billion, also marking a 21% growth. On the other hand, revenue from on-premise and on-premise hybrid sales decreased by 10% to $0.8 billion.
During the recent announcement, Larry Ellison, Chairman and CEO of Oracle, emphasized that the company has directed multi-billion dollar investments towards Generative AI. Numerous AI development companies have signed agreements with Oracle to utilize the Gen2 Cloud, with the total investment surpassing $4 billion, representing a significant increase from the previous quarter.
TLDR: Oracle’s Q1 2024 financial report revealed a 9% revenue increase to $12.453 billion, with a net profit of $2.42 billion. The cloud business saw major growth, reaching $4.6 billion, with Fusion Cloud ERP and NetSuite Cloud ERP contributing significantly. Larry Ellison highlighted the company’s substantial investments in Generative AI, with over $4 billion already allocated for the development of AI technologies using Oracle’s Gen2 Cloud.
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