Shares of Oracle (ORCL) are up 9% after the software company reported fiscal first-quarter results that beat Wall Street forecasts.
The Silicon Valley-based company reported earnings per share (EPS) of $1.39 U.S., which was better than the $1.32 U.S. consensus expectation of analysts.
Revenue in the quarter totaled $13.31 billion U.S., which topped the $13.23 billion U.S. that had been anticipated on Wall Street. Sales were up 8% from a year ago.
Management attributed the strong results to the cloud services and license support business unit, which generated $10.52 billion U.S. in revenue during the quarter, up 10% year-over-year.
Revenue from cloud infrastructure totaled $2.20 billion U.S., up 45% from a year earlier.
During the most recent quarter, Oracle opened new cloud computing operations in Saudi Arabia and said its database software will be available through Alphabet’s (GOOG/GOOGL) public cloud.
Looking ahead, Oracle said that it expects revenue growth of 8% to 10% in the current quarter. That outlook is inline with the 9% growth forecast by analysts who follow the company.
Oracle added that it anticipates earnings per share for the current quarter of $1.45 U.S. to $1.49 U.S. That guidance aligns with the $1.47 U.S. per share expected on Wall Street.
Executives at Oracle said that they are designing a data centre that will use over a gigawatt of power and rely on three modular nuclear reactors for power, although the timing for that data centre’s launch has not been disclosed.
Oracle’s stock has gained 10% over the last 12 months to trade at $139.89 U.S. per share.
