Oracle (NYSE:ORCL) reported third-quarter fiscal 2024 non-GAAP earnings of $1.41 per share, surpassing the Consensus Estimate by 2.92% and marking a 15.6% increase from the previous year. At constant currency (cc), earnings were up 16% year over year.

Revenues for the quarter grew by 7% (up 7% at cc) year over year to $13.28 billion, exceeding the Consensus Estimate by 0.04%.

The positive earnings report led to a 15% jump in Oracle’s premarket trading, attributed to the company’s progress in capturing a share of the cloud-computing market, particularly through its collaboration with AI chip giant NVIDIA Corporation (NASDAQ:NVDA).

Oracle’s strategic investments in cloud infrastructure and innovative solutions, such as the new Ambulatory Clinic Cloud Application Suite, position the company for continued growth in the dynamic software industry.

By region, revenues from the Americas rose by 7.8% year over year to $8.27 billion, accounting for 62.3% of total revenues. Europe/Middle East/Africa saw a revenue increase of 8.1% year over year to $3.31 billion, contributing 25% to total revenues. The remaining revenues came from Asia Pacific, which grew by 2% year over year to $1.69 billion.

Cloud services and license support revenues increased by 12% year over year (11% at cc) to $10 billion, driven by strategic cloud applications, autonomous database, and Oracle Cloud Infrastructure (OCI).

Cloud license and on-premise license revenues, however, declined by 3% year over year (down 3% at cc) to $1.3 billion.

Cloud revenues (IaaS plus SaaS), including Cerner, reached $5.1 billion, up 25% year over year (24% at cc).

Cloud Infrastructure (IaaS) revenues were $1.8 billion, up 49% year over year (49% at cc).

Cloud Application (SaaS) revenues reached $3.3 billion, up 14% year over year (14% at cc).

Fusion Cloud ERP (SaaS) revenues were $0.8 billion, up 18% year over year (18% at cc), while NetSuite Cloud ERP (SaaS) revenues reached $0.8 billion, up 21% year over year (20% at cc).

Hardware revenues declined by 7% year over year (down 7% at cc) to $754 million, and services revenues decreased by 5% (down 5% at cc) to $1.3 billion.

Oracle’s strong performance in cloud services and license support, along with its innovative solutions, has positioned the company for continued growth in the software industry.

Looking ahead, Oracle expects total revenues for the fourth quarter of fiscal 2024, including Cerner, to grow between 4% and 6%. Total revenues, excluding Cerner, are expected to grow in the range of 6% to 8%, with total cloud revenues anticipated to grow in the 22% to 24% band.

The company anticipates non-GAAP earnings per share between a 2% decline and flat, in the range of $1.62 to $1.66.

Shares of ORCL have gained 8.3% year to date.

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