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