Oracle's financial report fell short of expectations and it will double its data center capacity as planned
Oracle released its Q3 financial report, with revenue of $14.13 billion, lower than the market expectation of $14.4 billion, and net profit of $2.936 billion, also lower than the market expectation of $3.18 billion. The company said that it expects sales backlogs of up to $130 billion to drive overall revenue growth of 15% in the next fiscal year starting in June this year. Chairman Ellison said that the data center capacity will be doubled as planned in this calendar year, and OpenAI's ChatGPT, XAI's Grok and Meta's Llama will be directly connected to the Oracle Database 23AI version with advanced vector functions.