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Oracle Corp. (NYSE: ORCL) released fiscal first-quarter financial results after markets closed Wednesday. The firm said that it had $0.81 in earnings per share (EPS) and $9.2 billion in revenue, compared with consensus estimates that called for $0.81 in EPS and $9.29 billion in revenue. The fiscal second quarter from last year had $0.71 in EPS and $9.2 billion in revenue.

Total quarterly revenues were slightly higher and up by 2% in constant currency compared to the same period last year. Cloud Services and License Support revenues totaled $6.8 billion, while Cloud License and On-Premise License revenues were $812 million.

At the same time, short-term deferred revenues were $10.1 billion. Operating cash flow for the trailing twelve months was $13.8 billion.

The board of directors increased the authorization for share repurchases by $15 billion. It also declared a quarterly cash dividend of $0.24 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on October 10, with a payment date of October 24.

It was also announced that co-CEO Mark Hurd will take a leave of absence for health-related reasons.

Safra Catz, Oracle CEO, commented:

Non-GAAP earnings per share grew 14% in USD and 16% in constant currency. As our low margin hardware businesses continue to get smaller, while our higher margin cloud business continues to get bigger, we expect Oracle’s operating margins, earnings per share and free cash flow all to grow. We’re off to a good start in FY20, and we expect this to be our 3rd consecutive year of double-digit non-GAAP earnings per share growth.

Shares of Oracle closed at $56.19, with a 52-week range of $42.40 to $60.50. The consensus analyst price target is $56.62. Following the announcement, the stock is down more than 3% at $54.40 in the after-hours session.