Oracle reported better-than-expected results for the latest quarter on Wednesday.
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Oracle
shares rose about 8% in extended trading on Wednesday after the software maker reported results that exceeded Wall Street estimates and signaled that cloud growth is accelerating.
Here’s how the company did in comparison with LSEG consensus:
Revenue increased 11% during the fiscal fourth quarter, which ended on May 31, according to a statement. Net income rose to $3.43 billion, or $1.19 per share, from $3.14 billion, or $1.11 per share, in the same quarter last year.
Oracle's outlook was better than expected, leading many analysts to lift their price targets on the stock.
Oracle boosted its revenue backlog total by $30 billion during the February quarter.
The cloud computing giant's revenue miss renews questions about its financial health
In 30 days during the current quarter, Oracle contracted $65 billion in new cloud infrastructure commitments, one of Oracle's…
Oracle's hefty infrastructure costs and rising debt load have weighed on the stock in the past few months.
The cloud giant is on pace for its best day since 1999, and is now quickly approaching the $1 trillion market cap benchmark
