Oracle shares jump over 20% after bookings rise more than fourfold

The news: Oracle shares surged over 20% in after-hours trading after the company posted a massive 359% jump in bookings and raised its annual cloud revenue forecast.

The numbers: Remaining performance obligations hit USD 455 billion ($690.9 billion) in the fiscal first quarter, up from about USD 138 billion the prior quarter, following four multi-billion-dollar contracts signed with three different customers. One of those was a major deal with OpenAI for 4.5 gigawatts of data centre capacity.

Oracle now expects Oracle Cloud Infrastructure revenue to grow 77% this year, up from 70%. Cloud infrastructure revenue rose 55% to USD 3.3 billion, which is well ahead of the 53% expansion analysts had anticipated.

Overall revenue increased 12% to USD 14.93 billion. Profit, excluding some items, was USD 1.47 per share compared with the USD 1.48 average estimate, according to Bloomberg. Shares had closed at USD 241.51 – up 45% year-to-date – before rising to USD 296.35 each in after hours trading.