Oracle Corporation (NYSE: ORCL) on Monday reported higher revenues and net profit for the fourth quarter of 2023. The results also exceeded analysts’ consensus estimates.
The software giant said its fourth-quarter revenues increased 17% annually to $13.8 billion. Revenues of Cloud Services and License Support, the company’s core business segment, grew 23%
Adjusted earnings increased to $1.67 per share in the most recent quarter from $1.54 per share a year earlier. Net income, including one-off items, was $3.32 billion or $1.19 per share, compared to $3.19 billion or $1.16 per share last year.
“Our GPU clusters are built using the highest-bandwidth and lowest-latency RDMA network—and scale up to 32,000 GPUs. As a result, cutting edge companies doing LLM development such as Mosaic ML, Adept AI, Cohere plus 30 other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle’s Gen2 Cloud,” said Oracle’s CTO Larry Ellison.