RTTNews | Dec 10, 2021 10:11AM EST

10:11 Friday, December 10, 2021 (RTTNews.com) - Shares of software giant Oracle Corporation (ORCL) jumped over 16% on Friday morning after the company's second-quarter results topped Wall Street view, driven by strong performance of cloud business. The company also authorized $10 billion buyback and dividend of $0.32 per share.

ORCL is currently gaining over $103.26, up $14.49 or 16.32%, on the Nasdaq.

Oracle's second-quarter net loss was $1.25 billion or $0.46 per share, compared to net income of $2.44 billion or $0.80 per share last year. On an adjusted basis, earnings for the quarter were $1.21 per share, above Wall Street analysts' average estimate of $1.11 per share.

Revenues for the quarter rose 6% to $10.36 billion from $9.80 billion last year. Cloud services and license support revenues were up 6% to $7.6 billion, while cloud license and on-premise license revenues were up 13% to $1.2 billion.

The board increased the authorization for share repurchases by $10 billion and also declared a quarterly cash dividend of $0.32 per share, which will be paid on January 7, 2022, with a payment date of January 19, 2022.

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