Oracle posted sharply higher profit and revenue in its latest quarter, with sales from its cloud infrastructure business more than doubling.

The software and cloud-computing company on Thursday said profit for its fiscal first-quarter ended Aug. 31 rose 60% to $4.76 billion, or $1.56 a share from $2.93 billion, or $1.01 a share, in the same quarter a year ago.

Stripping out one-time items, earnings came in at $1.92 a share. Analysts polled by FactSet expected adjusted earnings of $1.74 a share.

Total revenue rose 30% to $19.34 billion, ahead of Wall Street estimates for $19.14 billion.

Oracle shares rose more than 7% to $164.01 in after-hours trading.

Revenue from Oracle's cloud business jumped 62% to $11.61 billion, with infrastructure sales up 121%. The gain helped offset revenue from the company's software unit, which fell 3% to $5.55 billion, as customers continue to migrate from on-premises software to the cloud.

Oracle said it booked more than $30 billion worth of additional AI cloud contracts during the recent quarter, putting the company's remaining performance obligations at $664 billion, up $209 billion from last year.

For its fiscal second quarter, Oracle guided for adjusted earnings of $1.85 to $1.93 a share, compared with analyst views for $1.89 a share. The company also projected revenue growth between 30% and 34%. Wall Street modeled revenue of $21.18 billion, marking a 32% increase from last year.

For the year, Oracle reaffirmed its outlook for revenue of at least $90 billion. The company now expects adjusted earnings of at least $8.10 a share, up from $8.05 a share. Analysts are looking for revenue of $89.66 billion and adjusted earnings of $8.07 a share.

The company continues to anticipate $90 billion to $95 billion in capital expenditures for the year.