09:34 AM EDT, 09/10/2025 (MT Newswires) -- (Updates with recent stock price movement in the headline and the first paragraph.)

Oracle (ORCL) shares were up nearly 34% in early trading Wednesday after the company overnight reported higher fiscal Q1 results and said its contract backlog will likely exceed half a trillion dollars amid strong demand over the coming months.

The company reported fiscal Q1 non-GAAP earnings late Tuesday of $1.47 per diluted share, up from $1.39 a year earlier.

Analysts polled by FactSet expected $1.48.

Revenue in the three months ended Aug. 31 rose to $14.9 billion from $13.31 billion a year earlier.

Analysts surveyed by FactSet expected $15 billion.

The company maintained its quarterly dividend at $0.50 a share, payable Oct. 23 to stockholders of record Oct. 9.

"We signed four multi-billion-dollar contracts with three different customers in Q1," Chief Executive Safra Catz said. "Over the next few months, we expect to sign-up several additional multi-billion-dollar customers and [remaining performance obligations] is likely to exceed half-a-trillion dollars."

Oracle cloud infrastructure revenue is expected to grow 77% to $18 billion this year, and reach $144 billion by end of a four-year period starting 2027, Catz said.

Price: 323.74, Change: +82.11, Percent Change: +33.98