Oracle reports its Q4 FY 2024 financial performance ending in May with total revenue of $14.287 billion, a 3% increase compared to the same quarter in the previous year. The net income under GAAP stood at $3.143 billion.
The revenue from all cloud businesses increased by 20% to $5.311 billion, with IaaS at $2 billion and SaaS at $3.3 billion. Fusion Cloud ERP saw a 14% growth to $0.8 billion, while NetSuite Cloud ERP increased by 19% to $0.8 billion.
Oracle’s IaaS business trend continues to soar high. The company recently announced cloud collaboration with major players like Microsoft Azure and Google Cloud to meet the escalating demand for cloud processing.
Safra Catz, Oracle’s CEO, emphasized the company’s commitment to expanding cloud services to meet current demands. Meanwhile, Larry Ellison, Oracle’s founder and CTO, revealed plans for constructing a mega-sized data center, potentially one of the largest in the world, with energy consumption equivalent to a small city. This data center will cater to massive AI cloud operations.
Source: CNBC
TLDR: Oracle’s Q4 FY 2024 financial report showcases revenue growth, particularly in cloud services, with plans for a colossal data center to support AI cloud operations.
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