Yahoo Finance Oracle (ORCL) Enters Into a Strategic Partnership With Uber
Oracle ORCL recently announced a strategic partnership with Uber for seven years. This would boost Uber’s innovation, help in delivering new products and increase profits.
With Uber expanding to new markets, it is important for them to focus on their strengths and outsource rest of the work, which they have done by this partnership with Oracle. Oracle will upgrade their infrastructure and increase profitability.
Uber believes that this partnership will help them reduce cloud infrastructure costs and maximise innovation. Oracle provided them with a good combination of low cost, high performance and higher flexibility with high security.
This is not only a partnership between Oracle Cloud Infrastructure and Uber but also it expands to other domains. They would continue to innovate together to create better customer experience with last-mile logistics.
Oracle Corporation Price and Consensus
Oracle Corporation price-consensus-chart | Oracle Corporation Quote
Oracle’s Ongoing Effort to Boost Cloud Infrastructure Offerings
Markedly, 98% of firms that use public cloud have adopted a multi cloud strategy. This makes the cloud customizable to the needs of the firm. Oracle provides best-in-class cloud services for new and old enterprises to work in a more efficient way.
Oracle recently invested $1.5 billion in Saudi Arabia to fulfil their cloud computing demand. With this expansion, Oracle would operate in six cloud regions in the Middle East.
Innovation in the Oracle retail platform is helping clients in the retail sector with pricing and promotion and therefore boosting sales. Recently-launched Oracle Primavera is helping customers increase productivity and minimize risk, while Oracle Aconex is a construction and project management software made for the defence sector.
Oracle’s last-quarter cloud revenues were $3.8 billion, up 43% in USD year over year. Cloud revenues, being a big share of Oracle’s revenues, are expected to grow because of the increasing demand for it.
Some notable new customers of Oracle include the U.S. army, Red Hat, Dominion Energy Virginia, Red Bull, Guitar Center, Big Boy and many more.
Oracle's Competitors in Cloud Infrastructure Space
This Zacks Rank #3 (Hold) company has been growing on the high demand for its cloud services and infrastructure. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Global spending of end-user on public cloud services is forecast to grow 20.7% according to a Gartner report to total $591.8 billion in 2023, up from $490.3 billion in 2022. This is higher than the 18.8% growth forecast for 2022.
Despite its late entry, Oracle is looking to grab a bigger share of the cloud market, which is dominated by the likes of Amazon’s AMZN Amazon Web Services, Microsoft’s MSFT Azure Cloud and Alphabet GOOGL owned Google Cloud.
According to a CloudTech report, public cloud revenues will jump by 26% year over year to $525 billion in 2023. Amazon Web Services has a market share of 16.3% followed by Microsoft Azure with 14.5% and Google Cloud with 4.2%, respectively. With growing global demand for public cloud services, cloud service provider’s top line is expected to grow in the coming years.
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