SAP has bounced back from a slow start to the year and appears to be riding out post-Brexit uncertainty with total revenue up eight percent to €5.4 billion (£4.8 billion).
Alongside rivals like Microsoft and Oracle the German vendor reported good cloud momentum with revenues up 28 percent to €769 million (£685 million) and new bookings up 24 percent. This just about outstrips Oracle's Q1 cloud revenue of $798 million (€732 million, or £652.4 million). Overall SAP's cloud growth is trending in the right direction but slowing, with new cloud bookings up 102 percent this time last year.
SAP also claims to be bucking any Brexit-related slowdown, reporting a six percent increase in cloud and software revenue in EMEA and double-digit software licenses revenue growth in Germany, France, UK and South Africa.
Operating profit was down nine percent to €1.1 billion (£980 million) due to an increase in stock-based compensation but SAP raised its expected annual profit slightly to between €6.5-6.7 billion off the back of these results, previously aiming for €6.4-6.7 billion (£5.7-6 billion).
The classic licence revenue stream also rose two percent to €1 billion (£891 million) and maintenance was also up six percent to €2.65 billion (£2.36 billion)
S/4 Hana momentum
SAP continues to push its next generation enterprise resource planning (ERP) software and its underlying Hana database onto customers, adding 400 S/4 customers in Q3, down 100 from the 500 customers it added in Q2. SAP now counts 4,100 S/4 Hana customers in total.
CEO Bill McDermott told investors: "the S/4 Hana innovation cycle is the fastest in our history and is catalysing
the performance of all SAP cloud solutions."
Read next: 'There is confusion over Hana that we need to clarify' says SAP
Rival vendor Salesforce, which essentially only sells cloud software, has quarterly revenues of roughly $2 billion (£1.6 billion) and HR specific cloud vendor Workday continues to report nearly 40 percent quarterly growth.
Read next: S/4 HANA will be key theme at UK and Ireland SAP User Group conference UKISUG Connect 2016
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