Oracle's quarterly results surpass expectations, causing shares to increase.

• Oracle reported strong financial performance for the fiscal first quarter, with growth on both the top and bottom lines.
• The stock rose in extended trading.
• Amazon Web Services will receive database services from Oracle.

On Monday, the database software vendor's shares rose 8% in extended trading after it reported fiscal first-quarter results that exceeded Wall Street estimates.

Here's how the company did in comparison with LSEG consensus:

• Earnings per share: $1.39 adjusted vs. $1.32 expected
• Revenue: $13.31 billion vs. $13.23 billion expected

Oracle's revenue grew by 8% to $12.45 billion from $11.61 billion in the previous year, while net income increased to $2.93 billion from $2.42 billion, resulting in earnings per share of $1.03 from 86 cents in the same quarter last year.

The company's cloud services and license support business generated $10.52 billion in revenue, which was a 10% increase from the previous year and higher than the StreetAccount consensus of $10.47 billion.

Oracle's cloud and on-premises license segment generated $870 million in revenue, representing a 7% increase and surpassing StreetAccount's $757.6 billion consensus.

In the previous quarter, cloud infrastructure revenue increased by 42%, but in the current quarter, it rose by 45%, indicating a faster growth rate.

In the quarter, Oracle declared the launch of a second cloud region in Saudi Arabia and stated that its database software would be accessible via public cloud.

On Monday, Oracle announced a partnership with cloud infrastructure leader Web Services to offer its database services on dedicated hardware.

While the S&P 500 stock index has gained about 15% this year, Oracle stock has experienced a growth of approximately 34%.

A conference call will be held at 5 p.m. ET, during which executives will provide guidance and discuss the results with analysts.

Gradient's Jeremy Bryan believes that Oracle could be at the forefront of the next advancement in AI technology.