Oracle Corp has announced an increase in both profits and revenues for its latest quarter, bolstered by the growing demand for its cloud services amidst a surge in generative artificial intelligence.

Specifically, the database giant reported net earnings of $2.4 billion, or 85 cents per share, for the third quarter, up from $1.9 billion, or 78 cents per share, a year earlier.

The adjusted earnings were $1.41 per share, surpassing analysts' estimates of $1.38.

Total revenues rose by 7% to $13.28 billion. Meanwhile, cloud revenues experienced a 25% jump to $5.1 billion, exceeding analysts' predictions of $5.06 billion.

"We expect to continue closing large contracts for cloud capacity commitment as the demand for our Gen2 AI infrastructures significantly exceeds supply – despite rapidly opening new and expanding existing cloud data centers," commented Oracle CEO Safra Catz on the results.

The company also announced the distribution of a quarterly dividend of 40 cents per share.

Oracle's shares have seen an uptick of over 8% in electronic trading following the announcement of these results.