04:40 PM EDT, 09/09/2024 (MT Newswires) -- Oracle (ORCL) late Monday reported fiscal first-quarter results that surpassed Wall Street's estimates, driven by strength in the software maker's cloud offerings.

Adjusted earnings per share rose to $1.39 for the three months through August from $1.19 a year before, beating the Capital IQ-polled consensus of $1.33. Revenue increased 7% to $13.31 billion, higher than analysts' $13.24 billion estimate.

Shares were up 7.9% in after-hours trading.

Cloud services and license support sales advanced 10% to $10.52 billion, while the cloud license and on-premise license segment added 7% to $870 million. The hardware and services divisions logged declines of 8% and 9%, respectively.

Oracle's remaining performance obligations -- future commitments arising from contractual relationships -- surged 53% to a record $99 billion, which will accelerate revenue growth throughout fiscal 2025, Chief Executive Safra Catz said in a statement.

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