Justin Sullivan/Getty

Shares of Oracle (ORCL - Get Report)  were rising roughly 4% after hours Wednesday after the company reported a slight increase in revenue and a 23% increase in its bottom line for its fiscal fourth quarter.

The Redwood Shores, CA-based company announced quarterly revenue of $11.1 billion, yielding earnings of $1.16 per share. Analysts were expecting the company to report revenue of $10.95 billion and earnings of $1.07 per share. 

"Our high-margin Fusion and NetSuite cloud applications businesses are growing rapidly, while we downsize our low-margin legacy hardware business. The net result of this shift away from commodity hardware to cloud applications was a Q4 non-GAAP operating margin of 47%, the highest we've seen in five years," said CEO Safra Catz. 

The company's cloud services and license support segment accounted for 61% of its revenue, bringing in $6.79 billion in the period. 

The company also announced that its board approved a quarterly cash dividend of 24 cents per share, the same as its previous dividend, payable July 31 to shareholders of record on July 17.

Shares of Oracle are up about 22% year to date, versus a gain of 20% for the Nasdaq.