Oracle’s revenue for the fourth quarter which ended May 31, rose to $11.84 billion, above analysts’ average estimate of $11.66 billion. Excluding items, the company earned $1.54 per share, beating analysts’ estimates of $1.37 per share.

The company’s revenue rose as demand for its cloud products soared amid an industry-wide shift to cloud-based platforms.

Oracle experienced currency headwinds of five per cent in the fourth quarter, up from 2% to 3% in the third quarter.

For the first quarter, the company expects significant revenue growth in its cloud business despite rising inflation and a stronger greenback.

Oracle expects first-quarter revenue growth of between 17 per cent and 18 per cent, boosted by its $28 billion acquisition of healthcare IT company Cerner Corp.

However, the company warned of a loss of $100 million per quarter in fiscal 2023 due to its decision to cease operations in Russia.

“We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase,” Oracle Chief Executive Officer Safra Catz said in a statement.