Despite missing earnings, Oracle shares rise on Google and OpenAI deals.

• Microsoft-backed OpenAI could bring in new business, according to Oracle's results.
• The company will issue guidance on a conference call.

Despite fourth-quarter results that fell short of Wall Street expectations, shares of the software maker jumped as much as 9% in extended trading on Tuesday after the company announced cloud deals with Google and OpenAI.

Here's how the company did compared with LSEG consensus:

• Earnings per share: $1.63 adjusted vs. $1.65 expected
• Revenue: $14.29 billion, vs. $14.55 billion expected

During the quarter that ended on May 31, Oracle's revenue grew by 3% year over year. However, the company's net income decreased to $3.14 billion, or $1.11 per share, from $3.32 billion, or $1.19 per share, in the previous quarter.

The cloud services and license support segment generated $10.23 billion in revenue, which is 9% higher than the previous year but slightly below the StreetAccount consensus of $10.29 billion.

The company's cloud and on-premises licenses business generated $1.84 billion in revenue, which is a 15% decline and below the $2.09 billion StreetAccount consensus.

In the previous quarter, the cloud infrastructure revenue was $2.0 billion, representing a 49% growth rate. However, this growth rate slowed down to 42% in the most recent quarter. Despite being smaller than its rivals, Web Services and Azure, the cloud business is still growing at a faster pace.

Oracle announced on Tuesday that it would bring its database to the cloud, with availability expected in November. This means that organizations can deploy workloads in Google and Oracle cloud data center regions without incurring data-transfer charges, according to Oracle.

OpenAI has chosen Oracle's cloud to provide additional computing capacity, despite relying on Azure for years.

Oracle announced that its database software would be accessible in five more Azure data center regions, increasing the total to 15, and also unveiled generative artificial intelligence features for its Fusion cloud applications in supply chain and human resources.

Despite the after-hours move, Oracle stock has gained 18% this year, outpacing the S&P 500 index's 13% increase over the same period.

Analysts will receive guidance from executives on the conference call starting at 5 p.m. ET, discussing the results.

This is breaking news. Please check back for updates.

Jim Lebenthal purchases additional Oracle shares while Bill Baruch trades SPY put spreads and sells AMD.