Oracle (ORCL) reported fiscal third-quarter sales that missed analysts’ expectations, but executives said they expect AI-driven growth in the coming fiscal year. The tech giant saw quarterly revenue climb 6% year-over-year to $14.

Oracle CEO Safra Catz said that the company's large sales backlog will help drive 15% growth in its revenue next fiscal year, surpassing analysts' current estimates as it expands its artificial intelligence cloud services.

Oracle Corp. reported a surge in bookings and gave a revenue forecast for the fiscal year beginning in June that topped estimates, fueling confidence that the company is gaining large customers for its cloud infrastructure business.