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Enterprise cloud spending, meaning the money large businesses pay to rent computing power and software instead of owning their own servers, produced a strong quarter for Oracle Corporation (ORCL).
The Austin, Texas-based technology company reported on September 10 that first-quarter fiscal 2027 revenue reached $19.35 billion, up 29.6% from a year earlier and above Wall Street's expectation of $19.14 billion.
Oracle raised its full-year revenue target to at least $90 billion, a figure that exceeds the roughly $86.6 billion analysts had previously modeled and implies growth of about 34% from the $67.4 billion the company recorded in fiscal 2026.
Adjusted earnings per share came in at $1.92 for the quarter, up 30.6% year over year and ahead of the analyst estimate of $1.74.
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