German software group SAP reported first-quarter revenue growth of 11% for 2022 on Friday, driven in large part by its cloud business.
The company’s cloud revenue climbed 31% to €2.8 billion (US$3.02 billion) in the first quarter of 2022, while revenue for its S/4HANA cloud software was €400 million, up 78% year-on-year. Total revenue for the quarter rose to €7.1 billion from €6.4 billion in 2021, which was also above analyst expectations of €6.9 billion.
However, SAP’s recent exit from Russia will see the company take an expected revenue hit of around €300 million
