SAP reported revenue growth in the second quarter driven by growth in cloud subscriptions and revenue from support and its HANA in-memory database.
However, the company lowered its growth outlook for software and software-related service revenue for the full year 2013, citing lower software revenue expectations as a result of macroeconomic challenges, particularly in Asia Pacific and Japan, and a rapid transition to the cloud.
The business software company said Thursday that its revenue grew 4 percent to €4 billion (US$5.3 billion) from the same quarter last year, according to IFRS (international financial reporting standards). Profit grew 10 percent to €724 million.
Software and software-related service revenue grew 6 percent year-on-year to €3.3 billion although revenue from software dropped 7 percent to €982 million. Cloud subscriptions and support revenue increased 206 percent to €159 million, while support revenue grew 8 percent year-on-year to €2.2 billion.
SOURCE: itnews.com
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