(Bloomberg) — Oracle Corp. is on track for its biggest rise since December 2021 after reporting a spike in bookings in its cloud computing business, showing progress in its bid to capture more of the competitive market.
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Remaining performance obligation — a measure of Oracle’s sales backlog — was $80 billion at the end of the quarter ended in February. That was significantly ahead of the $59 billion expected by analysts. Chief Executive Officer Safra Catz pointed to this figure, which she said was driven by “large new cloud infrastructure contracts signed in the third quarter,” as evidence of momentum.
The firm’s shares rose as much as 15% in premarket trading Tuesday after closing at $114.13. Oracle’s stock had been down about 10% over the past six months through Monday’s close, lagging the iShares software ETF, which gained 16%.
The Austin-based…
