SAP came out with earnings which were viewed positively and the growth was driven by cloud. Bodes well for cloud stocks
Impressive Cloud Results
On a non-IFRS basis, Cloud and software business (82.9% of total revenues) reported revenues of €5.647 billion, up 13% year over year (up 10% at cc).
Cloud revenues came in at €1.807 billion, up 37% year over year on a non-IFRS basis (33% at cc). Software licenses & support reported revenues of €3.840 billion, up 4% (up 1% at cc).
Cloud revenues — related to Software as a Service (SaaS)/Platform as a Service (PaaS) — surged 34% at cc to €1.582 billion. Cloud revenues — Infrastructure as a Service (IaaS) related — rallied 29% year over year at cc to €170 million.