BERLIN (Reuters) – SAP said on Thursday that demand for cloud computing products continues to advance and confirmed performance projections announced last week.
The company expects cloud computing revenue to grow 16% to 19% for the year as a whole, helping its overall revenue to grow 2% to 4%.
SAP’s cloud computing portfolio for S/4HANA core database grew 58% in constant currency and the current backlog grew 22% in the third quarter.
“Our cloud computing revenue now represents 35% of our total revenue and this is increasing our share of the most predictable revenue, which increased three percentage points year over year to 77%,” said SAP Vice President of Finance Luka Mucic .
SAP increased forecasted full-year cloud and software revenue by 200 million euros, to 23.8 billion to 24.2 billion euros.
Adjusted income rose 5% to €6.68 billion ($6.70 billion) in the third quarter, and adjusted earnings per share increased 2% to €1.74.
(By Nadine Schimroszik and Riham Alkousaa)
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