Oracle Japan shares surge 7% after record fiscal first quarter, bucking selloff of U.S. parent

Shares of Oracle Corp Japan surged more than 7% Friday after the company reported record fiscal first-quarter sales and profits, as its cloud business posted strong growth. The rally in Tokyo stood in contrast to a more than 3% drop in U.S.-listed Oracle shares overnight, after the company sent a "force majeure" notice tied to its New Mexico data center project. The Japanese arm said Thursday that net sales for the June-August quarter rose 13% from a year earlier to 74.86 billion yen ($472 million), while operating profit jumped 22.7% to 25.92 billion yen. Net profit climbed 23.2% to 18.25 billion yen. Net sales and all profit items hit record highs for a fiscal first quarter, the company said. Cloud revenue jumped 31.7% year on year to 25.