Oracle shares pare gains as analysts weigh over $100 billion fiscal 2029 revenue forecast

FILE PHOTO: A screen displays the logo and trading information for Oracle Corporation on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid/File Photo

(Reuters) -Oracle shares pared most of their gains on Friday after spiking nearly 8%, with some analysts expressing reservations about the company's forecast of crossing $100 billion in revenue in fiscal 2029, driven by AI-led demand for cloud services.

The company, which counts AT&T, Lyft and Cognizant among clients, forecast fiscal 2029 revenue of $104 billion at an annual briefing for financial analysts on Thursday.