US Stock Market Move | Q1 financial report exceeded expectations, Oracle Corporation (ORCL.US) rose over 13%.

On Tuesday, Oracle Corporation (ORCL.US) saw its stock price rise after announcing its latest performance. As of the time of writing, the stock was up over 13%, at $158.75. The company's first quarter revenue, earnings, and highly anticipated cloud infrastructure revenue all exceeded expectations, citing the multi-cloud agreement with Amazon.com, Inc. AWS as a "milestone" event. The company's Q1 revenue grew 7% year-on-year to $13.3 billion, analysts had expected $13.23 billion; of which, the highly anticipated cloud infrastructure revenue grew 45% year-on-year to $2.2 billion, compared to analyst expectations of $2.18 billion. Non-GAAP net profit increased by 18% year-on-year to $4 billion, while GAAP net profit was $2.9 billion. The company signed a multi-cloud agreement with Amazon.com, Inc. AWS, where Oracle Corporation's latest technology Exadata hardware and database software version 23ai will be embedded in AWS cloud data centers. When launched in December this year, AWS customers will have easy access to Oracle Corporation databases.