Stock Market Today, March 11: Oracle Surges After Earnings Beat and Upbeat Long-Term Revenue Guidance
Trading volume reached 79 million shares, coming in about 162% above its three-month average of 30.1 million shares. Oracle IPO’d in 1986 and has grown 257,656% since going public.
How the markets moved today
S&P 500 (SNPINDEX:^GSPC) slipped 0.10% to 6,775, while the Nasdaq Composite (NASDAQINDEX:^IXIC) edged up 0.08% to 22,716. Within enterprise software and cloud computing, industry peers Microsoft (NASDAQ:MSFT) closed at $404.88 (-0.22%) and International Business Machines (NYSE:IBM) finished at $248.87 (-0.53%), lagging Oracle’s post-earnings surge.
What this means for investors
Investors breathed a big sigh of relief after Oracle’s earnings announcement. That’s because the company has become the face of concern over spending on artificial intelligence (AI) infrastructure.
Even after today’s jump, Oracle stock is down over 16% this year as investors worried that it was overextending itself with capital spending on AI. This report eased fears over its aggressive AI spending, though.
Oracle reported 22% revenue growth, including 44% cloud revenue growth. It also reported a $553 billion backlog and provided an upbeat 2027 outlook. The company also said it doesn’t have any plans to issue bonds beyond what has already been announced this year. That may have been the biggest news that had investors buying shares today.
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Howard Smith has positions in Microsoft. The Motley Fool has positions in and recommends International Business Machines, Microsoft, and Oracle. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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