SAP Announces Q3 2023 Results

SAP SE (NYSE: SAP) today announced its financial results for the third quarter ended September 30, 2023.

• Cloud revenue up 16% and up 23% at constant currencies
• Current cloud backlog of €12.3 billion up 19% and up 25% at constant currencies
• IFRS cloud gross profit up 21%, non-IFRS cloud gross profit up 21% and up 28% at constant currencies, supported by the expansion of cloud gross margin
• IFRS operating profit up 11%, non-IFRS operating profit up 10% and up 16% at constant currencies
• SAP reaffirms 2023 outlook

“Our Q3 results are yet another proof point that we have entered the next phase of our transformation. We accelerated cloud growth across our portfolio and significantly expanded our cloud gross margins. Our strong focus on innovation, including our latest SAP Business AI capabilities, ensure SAP’s continued resiliency in the face of tough macroeconomic conditions and increasing geopolitical tensions.”

Christian Klein, CEO

“Our Q3 results demonstrate strong execution and the resilience of our business, including sustained cloud growth in spite of persisting macro headwinds. Also, we carefully balance growth and profitability at all times. In combination, this allows us to boost our bottom-line with the aim to achieve double-digit operating profit growth this year.”

Dominik Asam, CFO

Read the Quarterly Statement