The news On Monday, July 22, 2024, SAP presented its numbers for Q2 and H1, 2024. The highlights include: Cloud backlog up by 28% (27% in Q1) Total revenue up 10% (8% in Q1) Cloud and software revenue up 10% (9% in Q1) Cloud revenue up 25% (24% in Q1) Cloud ERP suite revenue up 33% (31% in Q1) This in combination with an increasing margin. The total revenue growth and high profitability needs to be seen in the context of the company's still ongoing cloud transformation, with continuously decreasing software license and support revenues. Obviously, the financial community liked these numbers, as can be seen by the jump of SAP’s share price by more than 5 per cent from about $200 to $212 after releasing the earnings numbers. According to CEO Christian Klein, a lot of this success can be attributed to SAP’s AI strategy. Klein stated that almost a fifth of all closed deals included premium AI use cases. A grain of salt in the soup is the employee engagement index that is part of the ...
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