Oracle Corp. Japan shares rise sharply after quarterly profit climbs on cloud business

Oracle Corp. Japan shares

rose sharply Wednesday morning after first-quarter net profit grew on the strength of the cloud business.

The shares were recently 8.6% higher at 10,935 yen after rising as much as 12% earlier.

The Japanese unit of U.S. technology company Oracle Corp. said Tuesday after market close that net profit increased 14% from a year earlier to Y12.88 billion ($86.4 million) for the quarter ended Aug. 31.

First-quarter revenue grew 12% to Y57.37 billion. Operating profit from its cloud and license business rose 14% to Y18.57 billion.

Oracle Corp. Japan kept its earnings projections for the fiscal year ending May 2024. It continues to expect full-year earnings per share to be between Y406.00 and Y418.00, compared with Y100.61 for the first quarter.

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