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Oracle shares jump on earnings and revenue beat

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While Oracle becomes more competitive in cloud infrastructure, it’s also ensuring that competitors can offer its widely used database to their clients.

shares rose 9% in extended trading on Monday after the database software vendor reported fiscal first-quarter results that topped Wall Street estimates.Sign up for NBC DFW's News Headlines newsletter.. Net income rose to $2.93 billion, or $1.03 per share, from $2.42 billion, or 86 cents per share, in the same quarter a year ago.

At its after hours price of about $153, Oracle is on pace to reach a record on Tuesday. The stock's highest close to date was $145.03 in July. Prior to the report, Oracle was about 34% so far this year, compared to the S&P 500's 15% gain. The company said its cloud services and license support business generated $10.52 billion in revenue. That was up 10% from a year earlier and higher than the StreetAccount consensus of $10.47 billion.Oracle's cloud and on-premises license segment had $870 million in revenue, up 7% and more than StreetAccount's $757.6 billion consensus.

Revenue from cloud infrastructure came to $2.2 billion, up 45%. That's an acceleration from the prior quarter, during which the revenue went up 42%.Everything Apple just announced: iPhone 16, iPhone 16 Pro, Apple Watch Series 10, AirPods 4 and more

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