Oracle Corp. (Nasdaq: ORCL) reported fiscal second quarter earnings Dec. 18 that beat its own projections.
The announcement came after the company’s stock closed at $10.63.
In after hours trading, Wall Street cheered. Shortly after the numbers came out, the stock’s value shot up to about $11.30.
The Redwood Shores company said net income for the quarter ending Nov. 30 came in at $535 million, or 10 cents a share, down from $549 million, or 10 cents, from the same quarter last year.
The company’s previous projections, panned as too conservative by some analysts, called for earnings of between 8 and 9 cents a share.
In a written statement, Oracle CEO Larry Ellison said his company is once again seeing growth in its lucrative database business.
But that growth didn’t stop Oracle’s year-on-year decline as the earnings results were down $14 million from the same time last year.