Oracle's Order Book Doubled, But Profits Haven't Kept Pace

Oracle's future revenue commitments from customers hit $138 billion last quarter—double two years ago. Yet earnings per share barely budged, from $1.11 to $1.19. The reason: Oracle is spending heavily to build data centres needed to deliver on those promises. The backlog proves customers want their services. The real test is whether Oracle can actually turn those orders into bottom-line profit.