Oracle reported progress in its shift to cloud-based products, with revenues from SaaS and PaaS up 73 percent in its fiscal third quarter to February. Total cloud revenues, including IaaS, were USD 1.19 billion, up 62 percent from a year ago.

Oracle's total revenues, including on-premise software and other equipment, rose 2 percent year-on-year to USD 9.21 billion.

Operating profit still fell 2 percent to USD 2.96 billion, after an increase in restructuring and acquisition costs. Net profit was up 5 percent to USD 2.24 billion or USD 0.53 per diluted share.

Oracle said growth in cloud products was accelerating and the increased scale was helping to improve gross margins as well.

Based on the strong quarterly results, Oracle increased its dividend by 27 percent to USD 0.19 per share.