Oracle's AI cloud contracts fail to boost revenue

Oracle reported fiscal first-quarter revenue of $12.45 billion, slightly lower than expected, causing a 5% drop in shares. However, the company's cloud services and license support segment saw a 13% increase in revenue, while the cloud license and on-premises license segment declined by 10%. Oracle's revenue from cloud infrastructure grew by 66%, but the growth rate slowed compared to the previous quarter. Oracle's chairman, Larry Ellison, highlighted that AI development companies have signed contracts worth over $4 billion for Oracle's Gen2 Cloud.