Oracle Corp.’s stock rose 10% in opening trade Thursday after the database company disclosed fiscal second-quarter earnings that exceeded both top-and bottom-line expectations.
ORCL, -0.19 percent posted a net loss of $1.25 billion, or 46 cents per share, compared to a net income of $2.44 billion, or 80 cents per share, in the previous quarter. Earnings per share were adjusted to $1.21.
“These outstanding results are being driven by our networking and software cloud businesses, which are approaching $11 billion in annualized sales,” Oracle Chief Executive Safra Catz said in a statement.
Revenue was $10.36 billion, up 6% from $9.8 billion the previous year.
FactSet polled analysts, who projected earnings of $1.11 per share on $10.2 billion in revenue.
In addition, Oracle’s board of directors authorized $10 billion in share repurchases and declared a quarterly cash dividend of 32 cents per share of outstanding ordinary stock.
Oracle shares are up 37% this year, while the S& P 500 index SPX, -0.72 percent is up 24.5 percent.