After Wednesday's closing bell, Oracle Corporation ORCL reported first-quarter earnings of 81 cents per share, which met the analyst consensus estimate. This is a 14.08% increase over earnings of 71 cents per share from the same period last year.

The company reported first-quarter sales of $9.218 billion, which missed the analyst consensus estimate of $9.29 billion by 0.78%. This is a 0.18% increase over sales of $9.201 billion the same period last year.

The company added $15 billion to its buyback.

Oracle also announced CEO Mark Hurd will take a medical leave of absence.

Oracle shares fell 2.3% in Wednesday's after-hours session. The stock closed higher by 1.5% at $56.29 per share.