SAP posts strong earnings on fastest new cloud growth in five years
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SAP SE’s profits rose sharply in its first fiscal quarter, helped by strong growth in its cloud business, but revenues came in flat, in line with earlier guidance.
Even so, the German software giant said it’s bullish on full-year results as customer migrations to the cloud accelerate.
Total revenue rose 2% in constant-currency terms, to $7.56 billion. Cloud revenue rose 13%, to $2.57 billion. Combined cloud and software revenue edged up 6%, to $6.52 billion, and operating profit jumped 24%, to $2.1 billion. Net profit rose to $1.99 billion from $1.22 billion in the same quarter a year ago.