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Shares of Oracle rose almost 2 percent in after-hours trading, after the company delivered quarterly earnings that topped analysts' earnings expectations on Wednesday, though revenue fell slightly short of predictions.
The tech giant posted fiscal second-quarter earnings of 63 per share, down from 69 cents a share in the year-earlier period.
Revenue fell to $9 billion from $9.61 billion a year ago. Oracle cited a strong U.S. dollar as a factor impacting the earnings.
Wall Street had expected the company to deliver quarterly earnings per share of 60 cents on $9.06 billion in revenue, according to consensus estimates from Thomson Reuters.
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The software maker has faced only limited success in its small but fast-growing cloud business. Concerns also mount over the company's core database business, which still accounts for the majority of Oracle's revenue. Oracle's licensed software business has been falling for reasons ranging from slow customer adoption to tough competition.
Total cloud revenues for the quarter were $649 million, up 26 percent, the company said.
"We are still on target to sell and book more than $1.5 billion of new SaaS and PaaS business this fiscal year," Oracle executive chairman Larry Ellison said in a statement. "That is considerably more SaaS and PaaS new business than any other cloud services provider including salesforce.com."
Shares of Oracle have dipped almost 13.5 percent this year.
— CNBC's Reem Nasr and Reuters contributed to this report.