According to the U.S. Stock Research Agency, the Zhitong Finance APP learned that the German business software group SAP (SAP. US) said Thursday that its cloud computing business revenue rose 28 percent in the fourth quarter as more customers shifted their IT operations to their cloud business databases.
In its preliminary earnings report, the company revealed that cloud computing revenue climbed to 2.61 billion euros ($2.99 billion) for the fourth quarter ended Dec. 31.
SAP said the company aims to achieve 26 percent revenue growth for its cloud business by 2022, helping its cloud and software businesses grow overall by 4-6 percent.
Christian Klein, CEO of the company, said in a statement, "More and more companies are choosing SAP, enabling the company to build a resilient supply chain and become a sustainable business as it moves to the cloud." ”
For the quarter ended December last year, the company's total revenue increased by 6% year-on-year to EUR 7.98 billion, while adjusted earnings per share rose 10% to EUR 1.86.
SAP expects to report earnings on January 27. In addition, the company announced a new €1 billion share repurchase program, which will take place between February 1 and December 31, 2022.
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