SAP's Cloud Revenue Rises 33% in Q1

SAP reported strong growth for its cloud services in Q1.  Cloud subscriptions & support revenue, along with software support revenue, reached 69% share of total revenue for the quarter.

First quarter non-IFRS cloud subscriptions and support revenue grew 33% year-over-year (33% at constant currencies) to €0.68 billion. New cloud bookings grew a solid 22% (25% at constant currencies) in the first quarter and reached €0.14 billion.

Another highlight: SAP added more than 500 S/4HANA customers in the quarter, of which approximately 30% are net new SAP customers.

"SAP's fundamental growth drivers are rock solid – from our best-in-class S/4HANA applications to our completeness of vision in the cloud," said Bill McDermott, CEO of SAP. "We expect increasing momentum as the year progresses, fully consistent with our guidance for the full year. SAP continues to be a highly profitable growth company."

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