SAP Announces Q3 2024 Results
Current cloud backlog of €15.4 billion, up 25% and up 29% at constant currencies
Cloud revenue up 25% and up 27% at constant currencies
Cloud ERP Suite revenue up 34% and up 36% at constant currencies
Total revenue up 9% and up 10% at constant currencies
IFRS cloud gross profit up 26%, non-IFRS cloud gross profit up 27% and up 28% at constant currencies
IFRS operating profit up 29%, non-IFRS operating profit up 27% and up 28% at constant currencies
SAP raises its 2024 outlook for cloud and software revenue, operating profit and free cash flow
WALLDORF, Germany, Oct. 21, 2024 /PRNewswire/ -- SAP SE (NYSE:SAP) announced today its financial results for the third quarter ended September 30, 2024.
Christian Klein, CEO:Q3 was another strong quarter for SAP, and we are confidently raising our 2024 financial outlook. Cloud revenue growth developed remarkably well in the quarter, especially for our Cloud ERP Suite. Even more importantly, we are making strong progress on Business AI with groundbreaking innovations such as SAP Knowledge Graph. A significant part of our cloud deals in Q3 included AI use cases.
Dominik Asam, CFO:We are very pleased with our third quarter performance. The 2024 transformation program has already started to yield efficiency improvements. This allowed us to deliver a strong operating profit and free cash flow, while retaining our topline momentum. We're now focused on carrying that momentum into Q4 to safeguard the achievement of our 2025 ambition amidst a highly volatile environment.
Financial Performance
Group results at a glance, Third quarter 2024
IFRS
Non-IFRS1
€ million, unless otherwise stated
Q3 2024
Q3 2023
∆ in %
Q3 2024
Q3 2023
∆ in %
∆ in % const. curr.
SaaS/PaaS
4,234
3,291
29
4,234
3,291
29
30
Thereof Cloud ERP Suite2
3,636
2,711
34
3,636
2,711
34
36
Thereof Extension Suite3
597
581
3
597
581
3
4
IaaS4
117
180
–35
117
180
–35
–34
Cloud revenue
4,351
3,472
25
4,351
3,472
25
27
Cloud and software revenue
7,429
6,679
11
7,429
6,679
11
12
Total revenue
8,470
7,744
9
8,470
7,744
9
10
Share of more predictable revenue (in %)
84
82
2pp
84
82
2pp
Cloud gross profit
3,184
2,525
26
3,209
2,535
27
28
Gross profit
6,212
5,637
10
6,236
5,651
10
11
Operating profit (loss)
2,214
1,723
29
2,244
1,767
27
28
Profit (loss) after tax from continuing operations
1,441
1,272
13
1,437
1,352
6
Profit (loss) after tax5
1,441
1,272
13
1,437
1,352
6
Earnings per share - Basic (in €) from continuing operations
1.25
1.09
15
1.23
1.16
6
Earnings per share - Basic (in €)5
1.25
1.09
15
1.23
1.16
6
Net cash flows from operating activities from continuing operations