Oracle shares rose about 7 percent after the company reported quarterly earnings that topped analyst forecasts. Cloud infrastructure revenue more than doubled, helped by surging demand for AI. The company announced Q1 results posting triple-digit growth in cloud infrastructure. Analysts had expected slower growth for the quarter.
Some traders had positioned against the stock following a similar earnings surge last September. On that occasion Oracle surged 36 percent in a day. CNBC covered the share move. The latest results could challenge those bearish positions.
Sources include Bloomberg.com, PR Newswire, and Yahoo Finance.