Oracle (NYSE:ORCL) shares skyrocketed 30% in premarket trading following an optimistic cloud revenue outlook that overshadowed less favorable fiscal first-quarter results.

In a significant development, Oracle reported remaining performance obligations soaring by 359% year-over-year to reach $455 billion, greatly exceeding the projected $178 billion. CEO Safra Catz confirmed Oracle’s expectations to secure several multi-billion-dollar cloud clients in the near future.

The firm indicated that its cloud infrastructure segment is on pace to surpass $500 billion in booked revenue. Furthermore, Oracle anticipates its OCI revenue to grow by 77% this year, reaching $18 billion, with projections indicating a climb to $144 billion over the next four years.

For its Q1, Oracle reported adjusted earnings at $1.47 per share on $14.93 billion in revenue. These figures, however, slightly fell short of forecasts of $1.48 per share and $15.04 billion.