This is to inform you that SAP has announced its financial results for Q3 ended in September month. According to the reports, during the third quarter of the financial year, SAP made a profit of 16 percent in its Cloud revenue and 23 percent profit at constant currencies. Since SAP shared its financial reports for the third quarter, investors have been taking a close look at its report. However, we have made it quite easier for you by mentioning the key details from its Q3 financial report. You are just required to stick with this page and go through it till the end for more details. Swipe down the page and take a look below.
SAP Se Announces Q3 Results 2023
Talking about the revenue generated by SAP from its operations during this period, SAP made a total revenue of €7,744 indicating an increase of 4 percent from the corresponding period of the previous year. The company witnessed a surge of 19 percent and 25 percent at the current cloud backlog and constant currencies. The financial report states Cloud and Software revenue during the third quarter was 6.679 it also indicates a 4 percent spike. Continue reading this article for more details. Scroll down.
The Cloud gross profit of SAP was 21 percent higher taking at 2,525 or 72.7 percent (IFRS) while the non-IFRS was 2,558 or 73.7 percent. The operating profit was reported as 1,724 with IFRS while the non-IFRS operating profit was 2,278, a 10 percent high. Both IFRS cloud gross profit and non-IFRS cloud gross profit, increased by 21 percent, boosted by the expansion of cloud gross margin. While reflecting on the Q3 results of the SAP, its CEO Christian Klein said, “Our Q3 results are yet another proof point that we have entered the next phase of our transformation. We accelerated cloud growth across our portfolio and significantly expanded our cloud gross margins. Our strong focus on innovation, including our latest SAP Business AI capabilities, ensure SAP’s continued resiliency in the face of tough macroeconomic conditions and increasing geopolitical tensions.”
Dominik Asam who is the CFO of SAP, added, “Our Q3 results demonstrate strong execution and the resilience of our business, including sustained cloud growth in spite of persisting macro headwinds. Also, we carefully balance growth and profitability at all times. In combination, this allows us to boost our bottom line with the aim to achieve double-digit operating profit growth this year.” The company reaffirmed the outlook for 2023. Stay tuned to this website for more details and updates.