.September 10, 2024 at 2:10 PM

Oracle (NYSE:ORCL) shares soared 12% after reporting first-quarter results beating expectations. Adjusted earnings per share were $1.39, exceeding the anticipated $1.32, with revenue at $13.31 billion, ahead of the expected $13.23 billion. The cloud services and license support division generated $10.52 billion, a 10% increase from last year, surpassing the $10.47 billion estimate. In the cloud and on-premises license segment, revenue was $870 million, a 7% growth beating expectations of $757.6 million. The cloud infrastructure business saw a 45% revenue increase to $2.2 billion, highlighting Oracle’s strong presence in cloud computing.

Oracle expects 8-10% revenue growth for the current quarter, in line with analysts’ projections. CEO Safra Catz provided guidance for second-quarter earnings per share between $1.45 to $1.49, compared to the Street estimate of $1.47. In a significant move, Oracle and Google Cloud launched Oracle Database services within Google Cloud regions, enhancing multicloud strategies for customers to deploy Oracle’s database solutions directly within Google Cloud data centers.