According to Larry Ellison, “Oracle is the technology that powers the cloud.” And with reported total revenue of $8.8bn for the third fiscal quarter – it may be wise to believe him.

It is a 37% increase on the same period 12 months ago. Safra Catz, Oracle co-president put the organisation’s success down to a series of new software products and the integration of Sun Micro systems, instead of a recovery in IT spending.

“We are now completely confident that we will exceed the $1.5bn profit goal we set for the overall Sun business for the current fiscal year,” said Catz. And with hardware product gross margins having increased to 55% in the quarter, she may be right.

Mark Hurd, Oracle co-president, talked of expectations for Exadata and Exalogic to have an even higher growth rate in the fourth quarter – with their sequential revenue growth for the third quarter being over 50% he is allowed to aim high.

Ellison spoke of the many large hardware and software deals that had been signed during the quarter – namely with some of the biggest names in cloud computing.

“For example, Salesforce.com’s new multi-year contract enables it to continue building virtually all of its cloud services on top of the Oracle database and Oracle middleware.”

Net income was up 78% and earnings per share up 75%. Oracle’s board of directors also announced a 20% increase on the quarterly cash dividend – six cents per share, up from five cents.

Oracle’s shares rose 3% in the after-market trading, in addition to a good 2% rise earlier that day. Oracle is standing tall, as well as powering the cloud.