Shares of Oracle (NYSE: ORCL) were up 11.7% this week, according to data provided by S&P Global Market Intelligence, after the enterprise database leader announced strong quarterly results on Monday.

For its fiscal third quarter of 2024 ended Feb. 29, 2024, Oracle's revenue grew 7% year over year to $13.28 billion, translating to a 16% increase in adjusted (non-GAAP) net income to $1.41 per share. Analysts, on average, were expecting earnings of only $1.38 per share on roughly the same revenue.

Within its total top line, Oracle's cloud revenue grew 25% year over year to $5.1 billion, while cloud infrastructure revenue soared 49% to $1.8 billion. Oracle CEO Safra Catz credited multiple large new cloud infrastructure contracts for helping drive remaining performance obligations (RPO) up 29% year over year to a fresh company record of more than $80 billion.

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Source Fool.com