WALLDORF SAP SE (NYSE: SAP) today announced its financial results for the first quarter ended March 31, 2023.

Unless otherwise stated, all figures in this statement are based on SAP group results from continuing operations.

  • Cloud revenue up 24% and up 22% at constant currencies, up 1 percentage point sequentially. SAP S/4HANA cloud revenue up 77% and up 75% at constant currencies
  • Current cloud backlog up 25%, both at nominal and constant currencies, a sequential growth improvement of 1 percentage point
  • IFRS cloud gross profit up 28%, non-IFRS cloud gross profit up 28% and up 27 % at constant currencies fueling double-digit non-IFRS operating profit growth
  • IFRS operating profit down 45%, non-IFRS operating profit up 12% and up 12% at constant currencies
  • 2023 outlook updated to reflect the expected Qualtrics divestiture. SAP reaffirms outlook for continuing operations including anticipated acceleration of topline and operating profit growth

“We have entered a powerful new phase in our strategic transformation, with topline and bottom-line results clearly demonstrating the tipping point we passed in the fourth quarter 2022. Our cloud momentum continues at a fast pace which is contributing to our strong revenue and double-digit non-IFRS operating profit growth this quarter.”

Christian Klein, CEO

“The year is off to a good start. I am excited to have joined an organization which is delivering and staying on the right track. We have accelerated topline growth and have already achieved double-digit non-IFRS operating profit growth in Q1. Our results set solid groundwork for our full year outlook, thereby pivoting back to profitable growth in 2023. Saying what we do, and doing what we say, will continue to be of great importance to us.”

Dominik Asam, CFO

Read the Quarterly Statement