Oracle pops as Q1 results top expectations; Amazon, Google partnerships unveiled

Oracle (NYSE:ORCL) shares rose 5.9% in extended trading on Monday as the IT giant reported stronger-than-expected first-quarter results and new partnerships with Amazon (NASDAQ:AMZN) Web Services and Google (NASDAQ:GOOG) (NASDAQ:GOOGL) Cloud.

For the fiscal period ending August 31, the Safra Catz-led company earned an adjusted $1.39 per share as revenue rose 6.9% to come in at $13.31B.

Cloud revenue (which includes infrastructure and applications) came in at $5.6B, a tick below the $5.61B estimate. Infrastructure revenue soared 45% year-over-year to $2.2B, while application revenue rose 10% year-over-year to $3.5B. Oracle also said that Fusion Cloud ERP revenue rose 16% to $900M.

Total remaining performance obligations soared 53% during the period to $99B.

Analysts expected the company to earn an adjusted $1.33 per share on $13.24B in revenue.

Oracle also declared a cash dividend of $0.40 per share, payable to shareholders of record as of October 10 on October 24.

In addition, Oracle announced a strategic partnership with Amazon Web Services, unveiling Oracle Database@AWS, which lets customers access Oracle Autonomous Database and Oracle Exadata Database Service on AWS.

A similar partnership with Google Cloud was also unveiled.

Oracle will hold a conference call at 5 p.m. EST to discuss the results and partnerships.