Oracle Corporation saw its stock (ORCL) surge in extended trading on Monday after sharing positive fiscal fourth-quarter results that exceeded all expectations. ORCL traded at around $65 per share on Monday before closing at $71.86. It then saw a slight dip to around $70 on Tuesday morning.
Oracle reported revenue of $11.84 billion compared to the $11.66 billion predicted by analysts. This marked a five percent increase from the previous year. The company did even better to beat the earnings per share predictions. It posted $1.54 per share in contrast to the expected $1.37.
Much of Oracle’s performance was driven by its success in the cloud infrastructure sector. According to the tech giant, the Infrastructure Cloud Revenue is up by 36 percent, resulting in $2.9 billion in total cloud revenue. And the company believes this is only the beginning.
“We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase,” said CEO Safra Catz.
ORCL reached its peak in December 2021, when it traded for $102.63 per share. However, just like many other tech stocks, it has lost much of its value since then. Its lowest point was in early July when it slid to $64.05.