Enterprise software major SAP said its revenue rose 5 percent to €4.73 billion in the first quarter of 2016, according to its preliminary estimates.
SAP today said cloud subscriptions and support revenue grew 33 percent to €0.68 billion in the first quarter of 2016, according to its preliminary estimates. New cloud bookings grew 22 percent in the first quarter and reached €0.14 billion.
“SAP’s fundamental growth drivers are rock solid – from our best-in-class S/4HANA applications to our completeness of vision in the cloud,” said Bill McDermott, CEO of SAP.
The total of cloud subscriptions and support revenue, and software support revenue reached 69 percent share of total revenue in the first quarter 2016.
SAP added more than 500 S/4HANA customers in the quarter, of which approximately 30 percent are net new SAP customers. The S/4HANA innovation cycle is contributing significantly to SAP’s global pipeline.
SAP has more than 3,200 customers from S/4HANA software.
Based on the strong momentum in SAP’s cloud business the German software major expects 2016 cloud subscriptions and support revenue to be in a range of €2.95 – €3.05 billion against €2.3 billion in 2015.
SAP expects cloud and software revenue to increase by 6 – 8 percent from €17.23 billion in 2015.
