| By Xuan Zhong |
Despite showing great enthusiasm for the cloud computing business and dramatically increasing its investment in the cloud, Oracle Corporation’s cloud business growth has slowed, as detailied in a report from MSN. Oracle’s cloud revenue jumped 30 percent to $4.6 billion in the period ending August 31st, the company reported. But that growth slowed from a 54% increase in the previous quarter. Its shares have seen their sharpest plunge in more than three years. Questions are being raised about the software maker’s efforts to expand in the competitive cloud market.
Based on Oracle’s reputation for success in the database software market, investors are increasingly hopeful that the surge in demand for artificial intelligence products which require extensive computing power will help Oracle gain cloud market share and increase revenue. But Oracle’s results were lower than expected. As a result, Oracle shares plunged 12 percent to $111.67, the biggest drop since March 2020, reflecting investor concern and disappointment.
