SAP reports strong growth in cloud amid slow overall revenue growth

April 17, 2014

SAP reported a strong growth in cloud revenue and fast adoption of its HANA platform in the first quarter, while its software revenue dipped from the same quarter in the previous year.The business software company said Thursday its revenue grew 3 percent to €3.7 billion (US$5 billion), while its cloud subscriptions and support revenue grew 60 percent to €219 million in the quarter under IFRS (International Financial Reporting Standards).Its net profit grew 3 percent to €534 million in the quarter.SAP’s annual cloud revenue run rate is now approaching €1.1 billion, and subscribers of its cloud applications now exceed 36 million, the company said.To read this article in full or to leave a comment, please click here

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