Oracle shares surge almost 12% and close at a record

Oracle stock surged nearly 12% on Tuesday, reaching a new record high of $127.54. This increase comes after the company’s fiscal third-quarter earnings surpassed analysts’ expectations. The adjusted earnings per share of $1.41 exceeded the estimated $1.38, while revenue of $13.28 billion fell slightly short of the estimated $13.3 billion. Oracle’s cloud services and license support segment also saw a 12% rise in sales to $9.96 billion, surpassing analysts’ expectations. Several analysts have raised their price targets on Oracle shares, citing positive factors such as strong cloud infrastructure results and a turnaround in the top line.