Software giant Oracle saw its stock jump by more than 9% in after-hours trading on Monday after the company reported fiscal first-quarter earnings that beat the expectations of analysts.
Oracle saw $1.39 in adjusted earnings per share, compared to an estimated $1.32. The analysts also expected $13.23 billion in revenue for the quarter, while the company reported $13.31 billion, marking an 8% year-over-year increase. Its net income came at $2.93 billion compared to $2.42 billion in the same period last year.
Oracle’s biggest revenue generators were cloud services and license support business, which accounted for $10.52 billion of the total $13.31 billion in revenue.
“As cloud services became Oracle’s largest business, both our operating income and earnings per share growth accelerated,” Oracle’s CEO Safra Catz said in a press release.
Besides strong 1Q earnings, Oracle also unveiled a partnership with Amazon Web Services (AWS). The partnership will allow AWS customers to access Oracle Autonomous Database and Oracle Exadata Database Service.
Oracle stock was down during trading hours on Monday, closing at $139.89 per share. But following the 1Q report and announcement of the Amazon partnership, the stock jumped by 9.55% and traded at $153.25 per share. This puts it on track to top its previous all-time high close of $145.03 per share from July.