Oracle shares reached a record this week after analysts applauded an earnings beat, driven by accelerating growth in cloud infrastructure
Cloud infrastructure revenue at Oracle surged 76% from a year earlier, surpassing growth of 55% the prior quarter. That's one data point that analyst Kash Rangan and his Goldman Sachs colleagues highlighted in their upgrade.
Even with the cloud infrastructure growth, Oracle management called for no change to capital expenditures in the new 2024 fiscal year, which bodes well for free cash flow generation, the Goldman analysts said. Rebuilding the guts of the data center was less straightforward, and Oracle quickly fell behind. In 2009, Ellison"Our industry is so bizarre," he said. "You know, they just change a term, and they think they've invented technology."
Oracle eventually came around to charging organizations for servers, storage and networking services based on how much they used, following in the path of the market leaders.
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