SAP First Quarter Earnings Announcement: Driving Innovation and Growth
We are pleased to share the exciting financial results for SAP’s first quarter, ending March 31, 2024. These results reflect strong momentum and a promising outlook for the company’s future.
Sustained Growth in the Cloud
SAP’s cloud revenue experienced an impressive increase of 24% in the first quarter, supported by a 32% growth in Cloud ERP Suite revenue. This demonstrates the market’s confidence and preference for integrated cloud solutions, offering agility, scalability, and operational efficiency to businesses worldwide.
Strengthening the Cloud Order Backlog
SAP’s current cloud order backlog reached €14.2 billion, representing a 27% increase compared to the previous year. This consistent growth underscores customers’ trust in SAP’s solutions and their commitment to digital transformation.
Commitment to Innovation and Efficiency
SAP’s cloud gross profit grew by 27%, while non-IFRS operating profit increased by 16% in the first quarter. These results are the outcome of a continuous focus on innovation, operational efficiency, and customer satisfaction.
Positive Outlook for the Future
Christian Klein, CEO of SAP, expressed confidence in the year’s targets, highlighting the growth potential in areas such as enterprise artificial intelligence and new customer acquisition. Additionally, Dominik Asam, CFO, emphasized the success of SAP’s transformation program, which allowed for focused investments in key growth and efficiency areas.
At Invenzis, we are excited about the future and look forward to continuing our collaboration with SAP to deliver innovative and transformative solutions to our clients.
Stay tuned for more updates and exciting developments on our journey towards sustainable success!
Source: https://news.sap.com/2024/04/sap-announces-q1-2024-results/?sap-outbound-id=B8B82BAEAE58857411CC014AE3DB8D984A9DAF6E&campaigncode=CRM-DX24-AAA-2486692_02&smc_campaign_id=0000041128&source=email-smc
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