Oracle Revenue Misses Estimates as Tough Economy Hurts Cloud Spending
September 12, 2023
Oracle’s first-quarter revenue fell slightly below market expectations, reaching $12.45 billion, as companies reduced spending on cloud services due to economic uncertainties. The shift in digitization plans following a surge in cloud spending during the pandemic has impacted Oracle’s position, especially against major competitors like Amazon Web Services and Microsoft. However, Oracle’s cloud infrastructure business could see a boost from the growing adoption of artificial intelligence applications, leveraging advances in networking technology.
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