Shares of Oracle (ORCL) were climbing higher in after-hours trading on Thursday after the computer software giant reported stronger-than-expected fiscal 2018 first-quarter financial results.
For its first quarter, the Redwood City, Calif.-based company reported adjusted earnings of 62 cents per share on revenue of $9.19 billion.
Wall Street was looking for adjusted earning of 60 cents per share on revenue of $9.03 billion. For the same period a year ago, Oracle reported earnings of 55 cents per share on revenue of $8.61.
During the quarter, Cloud Software as a Service (SaaS) revenues were up 62% to $1.1 billion. Cloud Platform as a Service (PaaS) plus Infrastructure as a Service (IaaS) revenues were up 28% to $400 million. And total cloud revenues were up 51% to $1.5 billion.
"The sustained hyper-growth in our multi-billion dollar cloud business continues to drive Oracle's overall revenue and earnings higher and higher," said Oracle CEO, Safra Catz. "In Q1, total revenues were up 7%, GAAP EPS was up 19%, and non-GAAP EPS was up 12%. Oracle is off to a very, very strong start in FY18."
Shares of Oracle have surged over 37% year-to-date.
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