SAP (SAPG.DE) said on Thursday that demand for its cloud business database was increasing as the German business software company verified its third-quarter results and upgraded full-year expectations announced last week.
The business expected cloud revenue to expand by 16 percent to 19 percent for the entire year, resulting in a 2 percent to 4% growth in overall cloud and software revenue.
In the third quarter, the backlog for the flagship database S/4HANA increased by 58 percent in constant currencies, and the current cloud backlog – a gauge of incoming business – increased by 22 percent.
SAP increased its full-year sales projection for cloud and software by 200 million euros to 23.8 billion-24.2 billion euros.
For the third quarter ended Sept. 30, adjusted sales increased 5% to 6.68 billion euros ($7.70 billion), and adjusted earnings per share increased 2% to 1.74 euros, boosted by Sapphire Ventures’ profitable venture capital investments.