Oracle expects half a trillion dollars in booked cloud orders, stock rises 27%

Oracle said on Tuesday it expects booked revenue at its Oracle Cloud Infrastructure business to exceed half a trillion dollars, boosted by growing demand for its relatively low-cost cloud infrastructure services and sending its shares up 27% after the bell. The company's remaining performance obligations, or RPO, the most popular measure of booked revenue, jumped 359% to $455 billion in the first quarter, ended August 31. "Over the next few months, we expect to sign-up several additional multi-billion-dollar customers and RPO is likely to exceed half-a-trillion dollars," said CEO Safra Catz.