Oracle stock pops 10% as 'demand for Gen2 AI infrastructure exceeds supply' in Q3

Oracle Inc (NYSE: ORCL) is trading up in extended hours on Monday after reporting market-beating financial results for its third quarter.

Oracle stock up on impressive cloud revenue

The computer technology company continued to see strength in its cloud revenue that printed at $5.1 billion in Q3 - up 25% on a year-over-year basis.

$ORCL also reported a whopping $12.3 billion in free cash flow for the past twelve months. Safra Catz – the chief executive of Oracle Inc said in a press release today:

The New York listed firm, however, left its quarterly cash dividend unchanged versus last year at 40 cents per share on Monday. Oracle stock has now gained roughly 50% over the past twelve months.

Oracle Q3 earnings snapshot

• Earned $2.4 billion versus the year-ago $1.89 billion
• Per-share earnings also climbed from 68 to 85 cents
• Adjusted EPS printed at $1.41 as per the earnings report
• Revenue jumped 7.0% year-over-year to $13.3 billion
• Consensus was $1.38 a share on $13.29 billion in revenue

Oracle ended its third quarter with a 29% increase in total remaining performance obligations to $80 billion. CEO Catz also said on Monday: