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Oracle Misses Q1 Targets as Backlog Hits $455 Billion and OCI Surges, Shares Soar After Hours

A soaring backlog plus an aggressive OCI outlook sent shares up more than 20% in late trading.

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Overview

  • Adjusted earnings were $1.47 per share on revenue of $14.93 billion, narrowly missing estimates of $1.48 and $15.04 billion as sales rose 12% year over year.
  • Oracle Cloud Infrastructure revenue climbed 55% to $3.3 billion, while total cloud (IaaS plus SaaS) reached $7.2 billion, up 27% in constant currency.
  • Remaining performance obligation swelled to $455 billion, up 359% from a year earlier, after four multibillion-dollar contracts were signed with three customers.
  • CEO Safra Catz said OCI revenue is expected to grow 77% to roughly $18 billion this fiscal year, outlining a steep multi‑year expansion path.
  • Partnership updates included OpenAI’s agreement to develop 4.5 gigawatts of U.S. data center capacity with Oracle and the availability of Google’s Gemini models on OCI, and shares jumped about 21% after hours on the growth outlook.