SAP Announces Q3 2024 Results

SAP SE (NYSE: SAP) announced today its financial results for the third quarter ended September 30, 2024.

• 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

“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.”

Christian Klein, CEO

“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.”

Dominik Asam, CFO

Read the Quarterly Statement