Investing.com– Shares of Oracle Corporation (NYSE:ORCL) surged in aftermarket trade on Thursday, pushing further into record-high territory after the cloud computing firm flagged strong revenue growth in the coming years on artificial intelligence demand.
Oracle jumped 6.4% to an indicated record high of $171.51, extending its recent run of gains after it posted strong quarterly earnings earlier this week and also clinched an agreement with Amazon (NASDAQ:AMZN).com’s web services.
The firm hiked its fiscal 2026 annual revenue forecast to $66 billion from a prior forecast of $65 billion- higher than Bloomberg estimates of $64.5 billion. The company said annual revenue will hit at least $104 billion by fiscal 2029.
The company has benefited from increased cloud computing requirements from the rapidly-growing artificial intelligence industry, although it does compete on this front with tech giants GOOG, Microsoft (NASDAQ:MSFT) and Amazon.
Oracle is one of the best-performing software stocks so far this year and is trading up around 53% as of Thursday’s close.
