Oracle's stock jumps 7% on earnings beat as cloud infrastructure revenue more than doubles

JUST IN: $ORCL jumps 7% after earnings beat, as Oracle's cloud infrastructure revenue more than doubles to $7.4B on booming AI demand.

Oracle's cloud infrastructure revenue just doubled, and the stock popped seven percent.

Seven point four billion dollars from cloud infrastructure alone, total revenue up nearly thirty percent, and net income of 4.68 billion, up from 2.93 a year ago. The options crowd smelled it coming, calls were trading way richer than puts before the print, and you can hear that call here.

Now the part that made me squint. Oracle spent 28 and a half billion on capex this quarter, up from 8.5 a year ago, free cash flow is negative 5.4 billion, and the debt pile sits at 125 billion. Larry Ellison is betting the whole company on AI data centers, including a Pentagon deal worth up to 7 billion.

But the backlog says the customers are real. 664 billion dollars in contracted work. That's not a quarter, that's a decade of demand sitting on the books.

This is Sara White, reporting for HIT.