Oracle (NYSE:ORCL) unveiled its Q3 earnings yesterday, surpassing expectations set by Wall Street analysts. The company highlighted significant new business achievements, attributing this success to the rising demand for cloud infrastructure, spurred by advancements in artificial intelligence. Following the announcement, shares of Oracle saw an increase of over 11% intra-day today.

For the quarter, Oracle posted adjusted EPS of $1.41, with revenue reaching $13.3 billion. Street predictions were at $1.38 for EPS and $13.29 billion for revenues.

Oracle expressed optimism about future business prospects, emphasizing the impact of the AI boom on the need for enhanced computing capabilities.