Oracle Corp (NYSE:ORCL, XETRA:ORC) shares rose more than 6% in after-hours trading Thursday after the company posted better-than-expected first-quarter results, driven by surging demand for AI cloud infrastructure.
The company reported first-quarter revenue of $19.3 billion, topping analyst estimates of $19.14 billion. Adjusted earnings per share came in at $1.92, well ahead of the $1.74 estimate.
Cloud revenue reached $11.6 billion, also beating expectations of $11.44 billion.
Oracle booked more than $30 billion in additional AI cloud contracts during the quarter, pushing its remaining performance obligations to $664 billion. The company added 850 megawatts of data center capacity in the quarter.
For the full year, Oracle raised its revenue outlook to at least $90 billion, above the $89.76 billion estimate, and now expects adjusted earnings of $8.10 per share, versus a prior estimate of $8.07.
The company forecast second-quarter revenue growth of 30% to 34%, with cloud revenue growth expected between 65% and 71% in U.S. dollar terms.
Oracle said there is no incremental impact on its plans to raise capital.