Cloud revenues up 34% for this period
Technology titan SAP has released its financial results for the second quarter of 2022.
The summary is as follows. Cloud revenue up 34% and up 24% at constant currencies to become the largest revenue stream
Current cloud backlog exceeds €10bn, up 34% and up 25% at constant currencies
Cloud gross profit up 39% (IFRS—International Financial Reporting Standards), up 38% (non-IFRS) and up 28% (non-IFRS at constant currencies), leading to a strong cloud gross margin expansion
Total Revenue for this period was €7.517bn and the Cloud & Software revenue was €3.056bn. Gross profit was €5.318bn and Operating Profit was 673mn.
“Our pipeline is strong, and we are winning market share underpinned by the very strong 100% growth of S/4HANA current cloud backlog,” affirmed Christian Klein, CEO, and Member of the Executive Board, SAP.
“This quarter again proves that our strategy is resonating, even in an increasingly challenging external environment. We continued to deliver strong topline growth, exceeding revenue expectations and increasing cloud profitability,” asserted Luka Mucic, Chief Financial Officer, SAP.
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