SAP publishes results for Q3 2023
The results include an increase in cloud revenue of 16 percent, or 23 percent at constant exchange rates. Another result is the 19 percent increase in current cloud backlog to 12.3 billion euros, or 25 percent at constant exchange rates. Cloud gross profit (IFRS) is up 21 percent, and cloud gross profit (non-IFRS) is up 21 percent, or 28 percent at constant exchange rates, supported by an increase in cloud gross margin. Finally, operating profit (IFRS) is up 11 percent, and operating profit (non-IFRS) is up 10 percent and 16 percent, respectively, at constant exchange rates.
SAP confirms outlook for 2023
"Our third quarter results are further evidence that we have entered the next phase of our transformation. We have accelerated cloud growth across our portfolio and significantly increased our cloud gross margins. Our strong focus on innovation, such as our latest SAP Business AI capabilities, ensures SAP's continued resilience in the face of challenging macroeconomic conditions and rising geopolitical tensions." Christian Klein, Spokesman of the Board of Management
"Our third quarter results illustrate our strong performance and the resilience of our business, as well as sustained cloud growth despite ongoing negative macroeconomic influences. We also always pay attention to balancing growth and profitability. As a result, we are able to grow our bottom line - with the goal of achieving double-digit growth in operating profit this year." Dominik Asam, Chief Financial Officer
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