Oracle Forecasts $104 Billion Revenue by 2029 on Cloud Growth – Stock Up 5%

Oracle Corp. has unveiled an ambitious forecast, predicting its annual revenue will soar to $104 billion by fiscal year 2029. This forecast highlights the company’s growing confidence in its cloud infrastructure division and its strategic shift towards expanding its cloud services.

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Doug Kehring, Oracle’s Executive Vice President, shared this projection at the company’s annual financial analysts’ briefing. Additionally, Oracle has revised its revenue outlook for fiscal 2026, now targeting a minimum of $66 billion, up from its previous estimate of $65 billion. This new target exceeds analysts' average estimate of $64.5 billion for the same period.

Known for its robust database software, Oracle is intensifying its focus on cloud infrastructure, aiming to rival major players like Amazon Web Services, Microsoft Azure, and Google Cloud. The company’s cloud services have been particularly successful in handling generative artificial intelligence tasks. Noteworthy clients include Reka and Elon Musk’s xAI, showcasing the cloud’s capability to support cutting-edge AI solutions.

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The announcement led to a notable increase in Oracle's stock, which rose about 5% in after-hours trading. This uptick reflects Oracle's strong performance in the software sector, with its shares having surged 53% so far this year.

In addition to its cloud expansion, Oracle has forged strategic partnerships with other major cloud infrastructure providers. These agreements aim to enhance the integration of Oracle’s database software across different cloud platforms. According to Kehring, many of Oracle's existing database customers have yet to migrate to the cloud, presenting a significant growth opportunity. Transitioning these on-premise customers to Oracle’s cloud solutions is expected to be a pivotal factor in driving future revenue growth.

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