Shares of the computer technology company Oracle (ORCL) - Get Report were climbing over 8% in after-hours trading on Wednesday after reporting stronger-than-expected fourth quarter financial results. 

For the quarter the Redwood City, Calif.-based company reported earnings of 89 cents per share on revenue of $10.9 billion. 

Analysts polled by FactSet were estimating earnings of 78 cents per share on revenue of $10.46 billion.

During its fourth quarter, Oracle's SaaS (Software as a Service) cloud revenues were up 67% to $964 million, when compared to the same period a year ago.

Non-GAAP SaaS fourth quarter revenues were up 75% to $1 billion, compared to the fourth quarter of 2016. 

"Our fourth quarter results were very strong as revenue growth and earnings per share both substantially exceeded the high end of guidance," Oracle CEO Safra Catz said. 

"We continue to experience rapid adoption of the Oracle Cloud led by the 75% growth in our SaaS business in Q4. This cloud hyper-growth is expanding our operating margins, and we expect earnings per share growth to accelerate in fiscal 2018," she added. 

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