Connect with us

Business

SAP reports 28% jump in Q4 cloud computing revenue, targets 26% growth for 2022

SAP reports 28% jump in Q4 cloud computing revenue, targets 26% growth for 2022 1

(Reuters) -German business software group SAP on Thursday said fourth-quarter revenue from its cloud computing business jumped 28% as more customers shift their IT operations to its cloud business database.

Cloud revenue climbed to 2.61 billion euros ($2.99 billion) in the fourth quarter ended Dec. 31, the company reported in a preliminary earnings statement.

SAP is targeting cloud revenue growth of up to 26% in 2022, helping its overall cloud and software revenue rise 4-6%, it said.

“More and more companies are choosing SAP to help them … build resilient supply chains and become sustainable enterprises as they move to the cloud,” Chief Executive Officer Christian Klein said in a statement.

The company saw a 6% year-on-year increase in total revenue for the quarter ended December to 7.98 billion euros, while adjusted earnings per share rose 10% to 1.86 euros.

SAP is expected to release full results on Jan. 27.

Separately, the company also announced a new 1 billion euro share repurchase programme, to be carried out in the period between Feb. 1 and Dec. 31, 2022.

($1 = 0.8731 euros)

(Reporting by Radhika Anilkumar and Bhargav Acharya in Bengaluru; Editing by Chris Reese and Kenneth Maxwell)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now