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SAP Announces Q2 and Half-Year 2022 Results

By Brad

SAP announces its impressive half yearly results! The SAP market is booming which is also mirrored in bluewaveSELECT’s half year results:

  • bluewave customers up 196% YoY
  • Record number of S/4 HANA programmes
  • Contract hiring: record-equalling half-year, 75% of roles Outside IR35, 79% S/4HANA
  • Perm hiring: a record amount of placements, surpassed 2021’s total in 5 months
  • bluewave UK: grew throughout the pandemic and is now the biggest we have ever been (and the smallest we will ever be)
  • bluewave Germany: accelerated growth, 50+ SAP customers in its first 8 months

Here’s a summary of SAP’s half year 2022 results:

WALLDORFSAP SE (NYSE: SAP) today announced its financial results for the second quarter and half-year ended June 30, 2022.
  • Cloud revenue up 34% and up 24% at constant currencies to become the largest revenue stream
  • Current cloud backlog exceeds €10 billion, up 34% and up 25% at constant currencies
  • SAP S/4HANA current cloud backlog extends its growth trend, up 100% and up 87% at constant currencies
  • Cloud gross profit up 39% (IFRS), up 38% (non-IFRS) and up 28% (non-IFRS at constant currencies), leading to a strong cloud gross margin expansion
  • IFRS operating profit down 32%, non-IFRS operating profit down 13% and down 16% at constant currencies, primarily due to the impact of the war in Ukraine
  • SAP reaffirms 2022 revenue and free cash flow outlook, updates operating profit outlook range

As our Q2 results demonstrate, SAP’s portfolio is more relevant than ever. Our transition to the cloud is ahead of schedule and we have exceeded topline expectations, with cloud revenue becoming SAP’s largest revenue stream. Our pipeline is strong, and we are winning market share underpinned by the very strong 100% growth of S/4HANA current cloud backlog.

Christian Klein, CEO

This quarter again proves that our strategy is resonating, even in an increasingly challenging external environment. We continued to deliver strong topline growth, exceeding revenue expectations and increasing cloud profitability. This quarter, we have recognized the main impact of the war in Ukraine. We believe that we are now able to capitalize on our substantial growth investments of the last 18 months, by delivering sustained growth and profitability expansion.

Luka Mucic, CFO

Read the full quarterly statement



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