SAP will release its fourth-quarter results next week, but the company has already revealed its Q4 cloud revenue grew a whopping 28%.
SAP is one of the leading ERP companies in the world and, like others, has been focusing its efforts on the cloud. Those efforts are paying off, with a 28% increase in its cloud revenue.
The company is also reporting an increase in its cloud backlog to €9.45 billion, an increase of 32%.
“The magnitude of our cloud strength is evident,” said Christian Klein, CEO. “More and more companies are choosing SAP to help them transform their businesses, build resilient supply chains and become sustainable enterprises as they move to the cloud. This momentum is reflected in the tremendous success of ‘RISE with SAP,’ our signature cloud offering, as well as excellent growth across our entire portfolio. Our growth acceleration points to even greater potential ahead.”
“I am proud that our team has delivered an exceptional year with strong results, far exceeding our expectations,” said Luka Mucic, CFO. “After three quarters of home runs with our cloud momentum, we hit it out of the park this quarter. We are confident that we will continue our Q4 current cloud backlog growth in 2022. This is reflected in our accelerated cloud guidance for 2022 as we make great progress towards our mid-term ambition.”
The company is scheduled to report its full earnings January 27.