SAP鈥檚 Q3 net profit adds 23% to US$1.04b
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Business management software company SAP AG says net profit rose 23 percent in the third quarter as its cloud computing business grew rapidly and the company kept down costs by holding down hiring of new employees.
The Germany-based company’s net profit rose to 762 million euros (US$1.04 billion). Revenues grew 2 percent to 4.05 billion euros.
Cloud computing revenues more than tripled to 191 million euros from 63 million euros. In cloud computing, companies access software on SAP’s computers over the Internet rather than having it installed and maintained on-site — saving them money.
That business remains smaller than SAP’s older business selling on-site software to manage customer companies’ business functions, but the company says it is the key to the industry’s growth. Co-CEO Jim Hagemann Snabe said yesterday that the industry move to cloud and mobile computing was a “fundamental transition” of the computer industry and the company was “clearly leading” the switch to the new way of doing things.
Chief Financial Officer Werner Brandt said in a statement the company had “a very strong performance in the third quarter” despite shifts in currency exchange rates that affected its revenue. SAP cited a “mixed market environment” in Europe, the Middle East and Africa.
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