U.S. technology giant Oracle has beat Wall Street forecasts for its earnings on both the top and bottom lines, sending its stock up 5% in premarket trading.
The software company reported fiscal fourth quarter earnings of $1.67 U.S. per share compared to $1.58 U.S. a share that had been expected by analysts who cover the company.
Oracle’s revenue rose 17% year-over-year in the quarter and came to $13.84 billion U.S. versus $13.74 billion U.S. that had been expected, according to Refinitiv data.
The company said it now expects fiscal first-quarter earnings of $1.12 U.S. to $1.16 U.S. per share and 8% to 10% revenue growth.
Oracle’s earnings were given a boost by its cloud services and license support unit, which saw revenue increase 23% to $9.37 billion U.S. in the latest quarter.
The company said it is seeing more demand for its cloud services due to the rapid expansion of artificial intelligence (A.I.). Oracle announced plans to introduce its own generative artificial intelligence cloud service.
Oracle’s stock has gained 82% in the last 12 months to trade at $116.43 U.S. per share.