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June 12 (Reuters) – Oracle topped fourth-quarter revenue estimates on Monday, boosted by growing demand for its cloud offerings from companies deploying AI.
Revenue for the quarter stood at $13.84 billion, compared with analysts’ estimates of $13.74 billion, according to Refinitiv.
Oracle’s push into the cloud computing market has started to bear fruit, helped by its acquisition of electronic medical records firm Cerner last year that has helped it better compete with industry giants like Microsoft and Amazon.com .
The cloud and software company has also boosted its AI cloud offerings, including its partnership with Nvidia to make the chip company’s AI software and chips available to Oracle customers via its cloud services.
Revenue at Oracle’s cloud services and license support unit, its largest, rose to $9.37 billion in the quarter from $7.61 billion a year earlier.
Shares in the Austin, Texas-based company were up 1.3% in extended trade. (Reporting by Samrhitha Arunasalam and Raghav Mahobe in Bengaluru; Editing by Maju Samuel)