German business software conglomerate SAP said Thursday that fourth-quarter revenue from its cloud computing business rose 28% as more customers migrate their IT operations to its cloud business database.
Cloud revenue climbed to 2.61 billion euros ($2.99 billion) for the fourth quarter ended December 31, the company reported in a preliminary earnings statement.
SAP is targeting cloud revenue growth of up to 26% in 2022, increasing its overall cloud and software revenue by 4-6%, it said.
Chief Executive Officer Christian Klein said in a statement, “More and more companies are choosing SAP to help them…
The company’s total revenue rose 6% year-on-year to €7.98 billion for the quarter ended December, while adjusted earnings per share rose 10% to €1.86 billion.
SAP is expected to release the full result on January 27.
Separately, the company also announced a new €1 billion share repurchase program to be carried out between February 1 and December 31, 2022.
($1 = 0.8731 Euro)