Oracle (ORCL) shares moved nearly 3% higher in extended-hours trading after the IT giant posted fiscal Q2 results that topped expectations, led by further expansion of the company's cloud operations. But it offered a lighter earnings forecast than expected.

For the period ending November 30, Oracle said it earned $1.21 per share, adjusted, vs. $1.18 per share as expected by analysts, on $12.28 billion in revenue on the back of its cloud operations seeing strong growth. Aiding the top-line was a 14% YoY jump in cloud services and various license support revenues to $8.6 billion and a 16% YoY rise in cloud license and in-house license revenues to $1.4 billion. The IT mogul also reported its adjusted operating income was $5.09 billion during the period, topping estimates. Its adjusted operating margin during the quarter was 41%.

With respect to guidance, Oracle CEO Safra Catz said on a conference call that she expects a range between $1.17 and $1.21 in adjusted EPS and 17% to 19% revenue growth for fiscal Q3. Consensus expected $1.24 per share and $12.34 billion in revenue, assuming 17.3% growth.

Oracle (ORCL) also said that its board of directors declared a quarterly cash dividend of $0.32 per share, payable to shareholders of record as of the close of business on January 10, 2023.