Oracle's stock rises more than 10% on sales, earnings beat

Board OKs additional $10 billion share repurchase plan

Oracle Corp.'s stock improved more than 10% in extended trading Thursday after the database giant reported fiscal second-quarter results that beat the top- and bottom-line estimates.

The company $(ORCL)$reported a net loss of $1.25 billion, or 46 cents a share, vs. net income of $2.44 billion or 80 cents a share, in the year-ago quarter. Adjusted earnings were $1.21 a share.

"These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses, which are approaching $11 billion in annualized revenue," Oracle Chief Executive Safra Catz said in a statement.

Revenue was $10.36 billion, up 6% from $9.8 billion a year ago.

Analysts surveyed by FactSet had expected earnings of $1.11 a share on revenue of $10.2 billion.

Additionally, Oracle's board of directors increased the authorization for share repurchases by $10 billion, and declared a quarterly cash dividend of 32 cents a share of outstanding common stock.

Shares of Oracle are up 37% this year, while the broader S&P 500 index has gained 24.5%.