SAP posts 16% jump in Q3 cloud business revenue

(Reuters) – Business software maker SAP’s cloud business revenue rose by 16% in the third quarter on the back of its application services and HANA software, the company said on Wednesday.

SAP’s cloud revenue stood at 3.47 billion euros ($3.66 billion) in the quarter, helped by growth of its combined software-as-a-service (SaaS) and platform-as-a-service (PaaS) portfolio, and its premium enterprise resource software platform, S/4 HANA.

For the full year, the company reaffirmed its cloud revenue outlook in the range of 14 billion-14.2 billion euros.

“Our Q3 results demonstrate strong execution and the resilience of our business, including sustained cloud growth in spite of persisting macro headwinds,” finance chief Dominik Asam said.

U.S.-listed shares of the German software maker were up 2.9% after the bell.

($1 = 0.9491 euros)

(Reporting by Kanjyik Ghosh and Shivani Tanna in Bengaluru; Editing by Shailesh Kuber)