04:46 PM EST, 12/09/2024 (MT Newswires) -- Oracle (ORCL) fiscal second-quarter results fell short of Wall Street's estimates as strength in its cloud operations was countered by revenue declines in the software maker's hardware and services offerings.

Adjusted earnings per share rose to $1.47 for the three months through November from $1.34 a year earlier, just shy of the FactSet-polled consensus of $1.48. Revenue increased 9% to $14.06 billion, below analysts' $14.12 billion estimate.

Shares were down 6.8% in after-hours trading.

Revenue at the hardware and services divisions fell 4% and 3%, respectively, to $728 million and $1.33 billion.

Cloud services and license support sales advanced 12% to $10.81 billion, while the cloud license and on-premise license segment added 1% to $1.2 billion.

Cloud revenue soared 24% year-over-year to $5.9 billion, on track to cross $25 billion this fiscal year, Chief Executive Safra Catz said in a statement.

"Record level (artificial intelligence) demand drove Oracle cloud infrastructure revenue up 52% in (the second quarter), a much higher growth rate than any of our hyperscale cloud infrastructure competitors," Catz said.

Oracle's remaining performance obligations -- future commitments arising from contractual relationships -- surged 49% to $97 billion.