Selangor Journal
The SAP logo seen on their offices in Reston in Virginia, United States, May 12, 2021. — Picture by REUTERS

SAP posts 16pct jump in third quarter cloud business revenue

WASHINGTON, Oct 19 — Business software maker SAP’s cloud business revenue rose by 16 per cent in the third quarter on the back of its application services and Hana software, the company said on Wednesday.

SAP’s cloud revenue stood at €3.47 billion (RM17.43 billion) in the quarter, helped by growth of its combined software-as-a-service (SaaS) and platform-as-a-service (PaaS) portfolio, and its premium enterprise resource software platform, S/4 Hana.

For the full year, the company reaffirmed its cloud revenue outlook in the range of between €14 billion and €14.2 billion.

“Our Q3 results demonstrate strong execution and the resilience of our business, including sustained cloud growth in spite of persisting macro headwinds,” finance chief Dominik Asam said.

US-listed shares of the German software maker were up 2.9 per cent after the bell.

— Reuters

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