Oracle Corp.’s stock improved 10% in extended trading Thursday after the database giant reported fiscal second-quarter results that beat the top- and bottom-line estimates.
The company ORCL, -0.19% reported a net loss of $ 1.25 billion, or 46 cents a share, vs. net income of $ 2.44 billion or 80 cents a share, in the year-ago quarter. Adjusted earnings were $ 1.21 a share.
“These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses, which are approaching $ 11 billion in annualized revenue,” Oracle Chief Executive Safra Catz said in a statement.
Revenue was $ 10.36 billion, up 6% from $ 9.8 billion a year ago.
Analysts surveyed by FactSet had expected earnings of $ 1.11 a share on revenue of $ 10.2 billion.
Additionally, Oracle’s board of directors increased the authorization for share repurchases by $ 10 billion, and declared a quarterly cash dividend of 32 cents a share of outstanding common stock.
Shares of Oracle are up 37% this year, while the broader S&P 500 index SPX, -0.72% has gained 24.5%.