Oracle’s stock saw a significant increase of 20.5% in June 2024, as reported by S&P Global Market Intelligence. While the company posted mixed results for the fourth quarter, investors were more interested in the news that Oracle’s Cloud Infrastructure Platform (OCI) had secured a major customer in the artificial intelligence field.
In the fourth quarter of fiscal year 2024, Oracle reported non-GAAP earnings per share of $1.63 on sales of $14.3 billion. This was slightly above Wall Street analysts’ expectations of $1.53 per share on sales of $14.6 billion. Despite the mixed results, CEO Safra Katz highlighted the significance of the OCI platform in fueling the company’s future performance, especially with OpenAI ChatGPT Systems.
Overall, Oracle’s stock performance in June 2024 was driven by positive news regarding its Cloud Infrastructure Platform and potential growth in the AI sector.
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https://www.sharewise.com/us/news_articles/Why_Oracle_Stock_Gained_205_in_June_TheMotleyFool_20240707_0916
