SAP SE Reports Strong Growth in Cloud Revenue for Q1 2024

SAP SE reports a significant 24% increase in cloud revenue for the first quarter of 2024, with a 32% rise in Cloud ERP Suite revenue. The company’s cloud backlog reaches €14.2 billion, showing a 27% increase. Despite an IFRS operating loss, SAP expresses confidence in achieving its 2024 goals, driven by Business AI and attracting new customers. CEO Christian Klein and CFO Dominik Asam highlight the successful transformation program and growth momentum in the Cloud ERP Suite.