Cloud revenue drove SAP’s latest results as the software giant outperformed analysts predictions in Q2 2018. This represents growth of 4% year over year, with cloud subscriptions and support revenues in particular rising by 30%.
This marks the ever growing trend as more and more businesses cut costs by moving their data storage to remote cloud based servers. So far over 9,000 organisations have adopted S/4 HANA, with 600 joining in Q2 alone. This trend is reflected by new cloud bookings being up 24%.
SAP tops Wall Street’s predictions for Q2 reporting total revenues of €5.99bn, whereas forecasts stated an expected €5.86bn.
Last year total net profits totaled €666 million, reaching €720 million at the time of writing in 2018. New customers have increased 42% year on year matching this growth, ranging from Chevron, McDonald’s China, Thomson Reuters and the US Navy.
“SAP is presenting a clear strategy, customers are already validating it in Q2 and we are increasing guidance as a signal that a new wave of growth has been unleashed,” CEO Bill McDermott