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Oracle Corporation reported a 30 percent increase in revenue for its fiscal first quarter, driven by a 121 percent surge in cloud infrastructure sales.
The company, which rents computing power to artificial intelligence firms, also announced that its remaining performance obligations reached $664 billion.
This backlog, representing the value of signed but undelivered contracts, is more than seven times the revenue Oracle expects to generate this year.
Following these results, Oracle raised its full-year revenue outlook to at least $90 billion.
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