Oracle reports 30 percent revenue growth in August quarter

Oracle reported quarterly revenues of $19.3 billion on September 10, up 30 percent from a year earlier. The biggest driver was cloud infrastructure, which more than doubled, rising 121 percent to $7.4 billion. Total cloud revenues grew 62 percent to $11.6 billion. Meanwhile, traditional software sales fell 3 percent to $5.5 billion, as more customers moved to cloud services. Net income rose to $4.8 billion from $2.9 billion, and earnings per share increased from $1.01 to $1.56. Operating cash flow jumped sharply to $23.1 billion. During the quarter, Oracle added 850 megawatts of new datacenter capacity to meet demand for artificial intelligence services. The company also raised $19.9 billion by issuing new shares on the open market.