Oracle Jumps Over 8% In Pre-Market: What's Driving The Stock Higher?

Shares of Oracle Corp. ORCL surged over 8% in pre-market trading on Tuesday, following the announcement of robust first-quarter results and strategic partnerships with Google Cloud and AWS.

What Happened: Oracle’s first-quarter earnings per share stood at $1.39, surpassing the analysts’ consensus estimate of $1.32 by 5.3%. The company’s quarterly revenue also beat expectations, reaching $13.307 billion, a 6.86% increase year-over-year.

At the time of writing, Oracle was trading at $152.15 while it closed at $139.89 on Monday, according to Benzinga Pro.

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Oracle CEO Safra Catz highlighted that the company’s operating income and earnings per share growth accelerated as Cloud Services became Oracle’s largest business. Catz also revealed the signing of a MultiCloud agreement with Amazon.com, Inc.'s AWS, which will allow AWS customers easy and convenient access to the Oracle database starting in December.

Furthermore, Oracle and Alphabet, Inc.'s Google Cloud announced the general availability of Oracle Database@Google Cloud in four regions across the U.S. and Europe, with plans for further expansion in the coming months.

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Photo via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari