Software and technology giant Oracle Corporation (NYSE:ORCL) reported second-quarter financial results after the market close Monday.

What Happened: Oracle reported second-quarter revenue of $14.06 billion, up 9% year-over-year. The revenue total missed a Street consensus estimate of $14.11 billion, according to data from Benzinga Pro.

The company reported adjusted earnings per share of $1.47, missing a Street consensus estimate of $1.48.

Total cloud revenue for the quarter was $5.9 billion, up 24% year-over-year. The company said cloud services and license support revenues were $10.8 billion, up 12% year-over-year. Cloud license and on-premise revenues were $1.2 billion, up 1% year-over-year.

"Record level AI demand drove Oracle Cloud Infrastructure revenue up 52% in Q2, a much higher growth rate than any of our hyperscale cloud infrastructure competitors," Oracle CEO Safra Catz said.

Catz called the growth in the AI segment "extraordinary."

"GPU consumption was up 336% in the quarter – and we delivered the world's largest and fastest AI SuperComputer scaling up to 65,000 NVIDIA H200 GPUs."

Oracle Chairman and Chief Technology Officer Larry Ellison said the company trains several of the world's most important generative AI models "because we are faster and less expensive than other clouds."

Ellison highlighted Oracle signing an agreement with Meta Platforms for the Oracle AI Cloud Infrastructure.

Read Also: Oracle’s Q2 Earnings: Strong Chart Signals, But Watch That RSI

What's Next: Catz said Oracle has remaining performance obligations of $97 billion.

"We believe our already impressive growth rates will continue to climb even higher. This fiscal year, total Oracle Cloud revenue should top $25 billion," Catz said.

Ellison said Oracle will continue to see impressive growth thanks to artificial intelligence.

"Oracle trained AI models and AI Agents will improve the rate of scientific discovery, economic development and corporate growth throughout the world. The scale of the opportunity is unimaginable," Ellison said.

ORCL Price Action: Oracle stock is down 6.3% to $178.37 in after-hours trading Monday versus a 52-week trading range of $99.26 to $198.31. Oracle stock was up 82% year-to-date prior to the after-hours movement Monday.

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