Oracle's stock jumps 7% on earnings beat as cloud infrastructure revenue more than doubles

The logo of the software and hardware manufacturer Oracle can be seen at the company's German headquarters in Munich on Sept. 25, 2023.Sven Hoppe | Picture Alliance | Getty ImagesOracle shares jumped 7% in extended trading on Thursday after the software vendor issued stronger-than-expected quarterly results. Here's how the company performed relative to LSEG consensus:Earnings per share: $1.92 adjusted vs. $1.74 expectedRevenue: $19.35 billion vs. $19.14 billion expectedOracle's revenue grew almost 30% year over year in the fiscal first quarter, which ended on Aug. 31, according to a statement. Net income of $4.68 billion, or $1.56 per share, was up from $2.93 billion, or $1.01 per share, a year ago.For the fiscal second quarter, Oracle called for $1.85 to $1.93 in adjusted earnings per share, with revenue growth between 30% and 34%. Analysts surveyed by LSEG were looking for $1.89 in adjusted earnings per share, with $21.20 billion in revenue, which would indicate 32% growth.Much of Oracle's expansion is tied to data center growth, as the company tries to become a bigger player in the artificial intelligence boom."Nothing that we know today would lead us to believe that New Mexico ...