SAP said today that demand for its cloud business database was growing as the German business software group confirmed its preliminary third-quarter results and full year guidance which it raised last week.
The company had forecast cloud revenue to grow by 16%-19% in the year as a whole, helping its overall cloud and software revenue to increase by 2%-4%.
Cloud backlog for its flagship database S/4HANA was up 58% at constant currencies and current cloud backlog - a measure of incoming business - grew 22% in the third quarter.
"Our cloud revenue now represents 35% of our total revenue and that's driving up our share of more predictable revenue, which rose by three percentage points year over year to 77%," chief financial officer Luka Mucic said on a call with journalists.
SAP raised its forecast for cloud and software revenue for the full year by €200m to €23.8 billion-24.2 billion.
Adjusted revenue rose 5% to €6.68 billion for the third quarter ended September 30.
Meanwhile, its adjusted earnings per share rose 2% to €1.74, backed again by its profitable venture capital investments, Sapphire Ventures.
