The cloud license and on-premises license generated revenue of $867 million, compared with the $865 million consensus estimate among analysts.
Hardware revenue came in at $904 million, while services revenue was $813 million.
Last week, analysts at KeyBanc Capital Markets lowered their estimates for Oracle's next few quarters.
"Oracle's move to the cloud is taking longer than expected, is consistent with what we have heard from the channel, and with reduced disclosures, we have lesser visibility into then company's progress," they wrote. Earlier this year Oracle stopped disclosing how much money it was getting from cloud infrastructure and platform offerings.
On Oracle's conference call with analysts on Monday, co-CEO Safra Catz said the company will post 77-79 cents in earnings per share, excluding certain items, in the fiscal second quarter. Analysts polled by Thomson Reuters were expecting Oracle to forecast 79 cents in earnings per share, excluding certain items, for that period. Catz said she expects Oracle's revenue to be flat to up 2 percent year over year in constant currency in the fiscal second quarter.
"On a constant currency basis, ORCL can argue that it met expectations, but this market has no patience for any misses from tech companies, no matter how minor or how explainable the miss," Wedbush Securities managing director Steve Koenig told CNBC in an email.
Oracle said its board permitted the company to spend $12 billion more on share buybacks.
"We think our stock is an unbelievable buy, so we are buying it back," Catz said. "... At these prices, with our growing cash flows, with our earnings growing like they are, it seems like an amazing deal to buy our stock. So we're putting our money where our mouth is, frankly."
Analysts had expected Oracle to raise its quarterly dividend, but the company didn't do that.
Oracle shares are up 4 percent this year as of Monday's close. The stock fell 4.8 percent to $46.84 after hours.
In the first quarter, Oracle announced the availability of a new cloud-based data-processing service and the extension of its partnership with the European Organization for Nuclear Research.
-- CNBC's Josh Lipton contributed to this report.