The scriptural use of the term "prophecy" is in no way confined to foretelling events, nor is that its primary significance. It includes any communication which God saw fit to make either to His own people or to any of the nations.
God said to Abimelech concerning Abraham, "He is a prophet, and he shall pray for thee." Gen. 20:7. Aaron was called the prophet of Moses (Ex. 7:1). God's power came at times upon individuals who were not recognized as prophets, and they prophesied, as, for instance, Saul in 1 Sam. 10:10, 11.
Prophecy in Israel became the means, through mercy, of God's communication to the people when the priesthood with Urim and Thummim had utterly broken down. It came in by Samuel. Elijah and Elisha prophesied in the midst of apostate Israel.
Nathan and John the Baptist were also prophets. Of some of the prophets no prophecies are recorded, while others are only known to us by what they wrote under the inspiration of the Holy Spirit.
In the New Testament we read that Philip had four virgin daughters who prophesied. Agabus foretold that Paul would be bound at Jerusalem and be delivered to the Gentiles (Acts 21:9-11).
In the New Testament prophesying is also used in a different sense. The word is from a Greek word meaning "to speak forth." A prophet may therefore be described as a spokesman of God. Prophecy of this kind is a gift in the Church for the edifying of the saints, bringing God's Word with power upon their consciences and hearts. It is the gift of most importance in the Church (1 Cor. 14:24, 31, 39, 1-5; 1 Thess. 5:20).
In Rom. 16:26, the writings of the New Testament are spoken of as prophetic scriptures, and the assembly is built on the foundation laid by the apostles and New Testament prophets (Eph. 2:20), that is, the truth taught by them. Bible Dictionary