Oracle Corp. stock improved 10% in expanded trading on Thursday after the database giant reported results for the second quarter of the fiscal year that beat revenue and earnings estimates.
a net loss of $ 1.25 billion, or 46 cents per share, compared to net income of $ 2.44 billion, or 80 cents per share, for the year-ago quarter. Adjusted earnings were $ 1.21 per share.
"These strong results are driven by the 22 percent growth in our infrastructure and application cloud businesses, which have annual revenues of nearly $ 11 billion," said Safra Catz, Oracle CEO, in a statement.
Revenue was $ 10.36 billion, up 6% from $ 9.8 billion last year.
Analysts polled by FactSet had expected earnings of $ 1.11 per share on sales of $ 10.2 billion.
In addition, Oracle's board of directors increased the share buyback authorization by $ 10 billion and approved a quarterly cash dividend of 32 cents per outstanding common share.
Oracle's stocks are up 37% this year, while the broader S&P 500 index
has increased by 24.5%.