Oracle smashed expectations with its latest quarterly results, illustrating just how much the company is reinventing itself.

In its latest quarterly results (via CNBC), Oracle reported revenue of $13.84 billion, beating analysts’ expectations of $13.74 billion. Similarly, earnings came in at $1.67 per share, beating expectations of $1.58 per share.

As CNBC points out, Oracle’s results are helping drive the stocks to new highs, with it “up 73% over the past 12 months.” As result, with the exception of Nvidia, Oracle’s stock has outperformed “all large-cap enterprise tech stocks” for the same period. The stock’s current price also makes 2023 the best year for Oracle investors since the dot-com boom.

The company’s current status is surprising to some who had written Oracle off as a bit player in the cloud market and felt the company was losing ground on too many fronts.

Much of the credit is going to founder Larry Ellison, who has helped the company make adjustments and catch up in critical markets.

“Let’s give him credit where it’s finally due,” said Eric Lynch, managing director of Scharf Investments. “The upside case is finally coming through.”

The company’s partnership with AI firm Cohere is also paying off, especially given Cohere’s focus on the enterprise. This makes it an ideal match for Oracle.

Ellison has been saying for years that Oracle had an advantage over its competitors, especially in the realm of integration, stability, and reliability.

“Let me close with a note that I’m going to paraphrase from a very large telecommunications company who uses our cloud and all the other three North American clouds — Google, Amazon and Microsoft,” Ellison said in late 2021. “And the note basically said the one thing we’ve noticed about Oracle, Oracle’s cloud, is that it never ever goes down. We can’t say that about any of the other clouds. We think this is a critical differentiator.”

It appears the industry is finally taking note of what Ellison has been saying all along.