Oracle reported its quarterly results, beating guidance as a result of strong cloud results.

Oracle is currently fighting for market share in the cloud market, behind leaders AWS, Microsoft Azure and Google Cloud. Nonetheless, the company has been making solid progress, thanks to its being able to offer the full stack of database and cloud solutions.

In its most recent quarter, the company’s revenue hit $11.2 billion, an increase of 8% year-over-year. Net income came in at $4 billion, or $1.37 per share, an increase of 29%.

Cloud services and license support revenue came in at $7.4 billion, an increase of 8%. Meanwhile, cloud license and on-premise license revenue came in at $2.1 billion, an increase of 9%.

“Our Q4 performance was absolutely outstanding with total revenue beating guidance by nearly $200 million, and non-GAAP earnings per share beating guidance by $0.24,” said Oracle CEO, Safra Catz. “Our multi-billion dollar Fusion and NetSuite cloud applications businesses saw dramatic increases in their already rapid revenue growth rates: Fusion ERP was up 30% in Q3 and up 46% in Q4, Fusion HCM was up 23% in Q3 and up 35% in Q4, NetSuite was up 24% in Q3 and up 26% in Q4. Oracle Fusion is the world’s biggest cloud ERP business; Oracle NetSuite is the world’s second biggest cloud ERP business. Revenue from our Gen2 Cloud Infrastructure business including Autonomous Database grew over 100% in Q4. The accelerating growth rates of both our applications and infrastructure cloud businesses this year drove earnings per share growth up to 21% in FY21. That is the fourth consecutive year of double-digit earnings per share growth at Oracle Corporation.”

“The world’s two most popular databases are the Oracle Autonomous Database and Oracle MySQL,” said Oracle Chairman and CTO, Larry Ellison. “The Oracle Database once again delivered solid revenue growth in FY21. And while our Oracle Database business as measured by revenue currently dwarfs our MySQL database business—that is about to change because the latest version of Oracle MySQL has been upgraded to include a revolutionary new ultra-high-performance parallel processing query engine called HeatWave. Independent analysts have tested and confirmed that Oracle MySQL with HeatWave runs 10 to 100 times faster than Amazon’s version of MySQL called Aurora. This technological breakthrough is causing several of Amazon’s customers to start moving their Aurora workloads to Oracle MySQL. And industry analysts are telling us they are seeing a 10x increase in Oracle Cloud Infrastructure customer inquiries. Both the Oracle Autonomous Database and Oracle MySQL with HeatWave technology have captured the technology high-ground in the cloud database business—and that bodes well for the future of the Oracle Cloud.”