Oracle stock pops 10% on AI demand, new deals with Google and OpenAI

Oracle shares popped on Wednesday, a day after the software company announced its fourth-quarter results that showcased a strong RPO backlog.

CEO Safra Catz said the backlog is primarily driven by demand to use Oracle's cloud to train AI models.Oracle chairman of the board and chief technology officer Larry Ellison delivers a keynote address during the 2019 Oracle OpenWorld on September 16, 2019 in San Francisco, California.The company reported $14.29 billion in revenue for the quarter, up 3% year over year and shy of the $14.55 billion expected by analysts according to LSEG. Oracle's adjusted EPS came in at $1.

Analysts from Citi said Oracle's sluggish revenue for the fourth quarter was offset by "tremendous RPO bookings growth." They said it is hard to ignore a $98 billion outstanding backlog, but they would like to see better signs of how it will convert directly to revenue.UBS analysts said the highlight of Oracle's results is its "extraordinary sequential backlog growth of $18 billion.

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