Oracle’s shares closed nearly 9 percent lower on Thursday, after it reported stronger-than-expected revenue, but flat revenue guidance, and said it would raise more money to fund an expected $70 billion (£52bn) in capital expenditures in the coming year.
The firm’s projected capital expenditures were up 25 percent on the $55.7bn for the fiscal year ended 31 May, which was broadly in line with analysts’ expectations.
Oracle said it expects to raise $40bn in debt and equity to fund its ongoing spending plans, as it aims to become a major data centre provider for AI companies such as OpenAI.
Flat revenue expectations
The company said its sales for the next fiscal year would be about $90bn, the same as it predicted in March.
