Europe's largest software maker SAP saw robust growth in its cloud business in the second quarter. The Current Cloud Backlog rose 27 percent to 22.92 billion euros. However, the company lowered its annual forecast for operating profit due to two acquisitions.
SAP released the figures late Thursday evening after the US market close. Cloud revenue increased 22 percent to 6.28 billion euros. Total revenue rose nine percent to 9.88 billion euros.
Chief executive Christian Klein attributed the result to initiatives around artificial intelligence. He said: «This result is supported by our strategy for the autonomous enterprise.»
Due to the acquisitions of Dremio and Prior Labs in July, management now expects growth in adjusted operating profit of only 13 to 17 percent. Net profit came in at 2.21 billion euros.
