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Oracle posts higher profits as cloud performance accelerates

Oracle Corp. reported a 10% year-over-year increase in net income as cloud services continued to drive revenues higher during the company's fiscal 2018 second quarter.

Net income increased 10% to $2.23 billion from $2.03 billion in the same period last year, while EPS for the second quarter rose 8% to $0.52 compared to $0.48 for the same period last year.

The company reported on Dec. 14 that total revenues for the second quarter increased by 6% to $9.62 billion, up from $9.04 billion for the same period last year, buoyed by cloud revenues which climbed 44% to $1.52 billion.

Operating income was up by 1% to $3.07 billion for the second quarter compared to $3.04 billion for the same period last year.

Oracle's board of directors increased the authorization for share repurchases by $12 billion and declared a dividend of $0.19 per share, which will be paid on Jan. 24, 2018 to stockholders of record as of Jan. 10 2018.