Oracle Shares Surge 32% on Record Revenue Growth

REDWOOD SHORES, California — Oracle Corporation‘s shares surged 32% after the tech giant reported a staggering 1,529% growth in multicloud database revenue from Amazon, Google, and Microsoft in its last quarter. This remarkable increase helped investors overlook weaker-than-expected fiscal first-quarter earnings and revenue from the company.

Despite lower earnings, Oracle’s forecast for cloud infrastructure revenue suggests strong future growth. The company expects a substantial rise to $144 billion by fiscal year 2030, up from $10.3 billion in fiscal 2025. Analysts view this as a positive signal, solidifying Oracle’s position in the competitive tech landscape.

GameStop‘s stock climbed more than 10% after reporting earnings of 25 cents per share, excluding items, with revenue totaling $972.2 million. The company highlighted its bitcoin holdings, valued at $528.6 million at the end of the quarter.

Meanwhile, shares of Novo Nordisk rose 1% after announcing plans to cut approximately 9,000 jobs, about 11.5% of its workforce. The Danish pharmaceutical company, known for its weight-loss drug Wegovy, stated that the cuts are aimed at streamlining operations and focusing on obesity treatment opportunities.

In contrast, Rubrik’s cloud data stock fell 2.8% despite posting a second-quarter adjusted loss narrower than expected. AeroVironment saw a 2.8% increase, reporting fiscal first-quarter revenue of $455 million, surpassing Wall Street estimates.

As the stock market reacts to these developments, investors are closely watching upcoming economic indicators. The overall market trends suggest an eagerness for Federal Reserve rate cuts, as recent data reflected an unexpected decline in wholesale prices. Economists anticipate a similar trend in the consumer price index (CPI), potentially giving the Fed additional leeway to make further cuts.