Oracle reports Q3 results beat; touts new business wins amid AI-fueled demand

Investing.com -- Oracle reported Monday fiscal third-quarter results that topped Wall Street estimates and software company touted large new business wins, driven by artificial-intelligence demand for cloud infrastructure.

Oracle Corporation (NYSE: ORCL) was up more than 6% in afterhours following the report.

For the three months ended Feb. 29, Oracle reported adjusted earnings of $1.41 a share on revenue of $13.28 billion, beating analyst estimates of $1.38 and 14.72B, respectively.

The company touted new business wins ahead, as the AI revolution drives up demand for computing power.

"We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply...," the company said.

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