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SAP continues to report growing numbers for its cloud subscriptions, leading to a ten percent rise in revenues for Q2 2017, at €5.8 billion, above analyst expectations at Reuters. However, operating profits were down a massive 27 percent, from €1.2 billion to €926 million, as the company continues to invest in its cloud computing capability.

The German software maker continues to report good momentum in its cloud computing division, with new cloud bookings up 33 percent, accounting for €340 million of total cloud revenues, which were €932 million for the quarter. This still only accounts for 16 percent of total SAP revenue, but it is the growth the company, and investors, care about.

Read next: SAP cofounder Hasso Plattner defends S/4HANA cloud strategy

Traditional software and support still dominates the balance sheet though, accounting for revenues of €1.1 billion, up five percent year-on-year. Much of this will be down to adoption of SAP's next generation ERP solution, S4/HANA, with customer numbers up 70 percent and now standing at 6300. There were 500 net new customers for the quarter, which is flat year-on-year, including big wins with Google and Centrica.

SAP kept its annual outlook on operating profit to between €6.8 billion to €7 billion at constant currencies, following the Q2 results. However it did boost its revenue outlook to €23-€23.7 billion and upped its cloud subscriptions outlook to be in a range of €3.8 billion to €4 billion at constant currencies.

CEO Bill McDermott said in the official press release: "This strong quarter is the latest in SAP's 8-year run of consistent, profitable growth. Our winning strategy is again validated by fast adoption of S/4HANA and our full portfolio of cloud solutions. We expect continuing momentum in the second half and confidently raise our guidance for the full year."

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