Oracle plans to bring its database to Google's cloud, with availability expected in November, and organizations will be able to deploy workloads in Google and Oracle cloud data center regions without data-transfer charges. OpenAI has also chosen Oracle's cloud to provide additional computing capacity. Oracle's stock has increased by 18% this year, outperforming the S&P 500 index which is up about 13% over the same period.
Key takeaways:
- Oracle shares rose by up to 9% after the company announced cloud deals with Google and OpenAI, despite Q4 results falling short of Wall Street expectations.
- Oracle's revenue increased by 3% YoY during the quarter, with net income at $3.14 billion, down from $3.32 billion in the same quarter the previous year.
- Oracle will bring its database to Google's cloud, with availability expected in November, and organizations will be able to deploy workloads in Google and Oracle cloud data center regions without having to pay data-transfer charges.
- OpenAI has selected Oracle's cloud to provide additional computing capacity, despite having relied on Azure for years.