Oracle shares hit a record high on Wednesday, extending their gains for the year to over 50%. The company’s strong performance has defied the broader tech sell-off, which has been driven by concerns about rising interest rates and inflation.
Oracle’s cloud business has been a major driver of growth. Revenue from cloud infrastructure surged 76% in the most recent quarter, compared to a year ago. The company’s on-premises software business also continued to grow, with revenue up 12%.
Analysts are bullish on Oracle’s prospects. Goldman Sachs upgraded the stock to “neutral” from “sell,” citing the company’s strong cloud growth and its ability to weather the current economic storm.
Oracle is not the only tech company that has bucked the trend in recent months. Microsoft, Salesforce, and Adobe have also seen their shares rise. These companies are all benefiting from the shift to the cloud, which is driving demand for their software and services.
The tech sell-off has created some attractive buying opportunities. Investors who are looking for companies with strong growth prospects and the ability to weather economic storms should consider adding Oracle to their portfolios.