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