Image: SAP.
SAP’s third-quarter cloud revenue rose 26% year on year, or 25% at constant currencies, according to results released on October 21.
Current cloud backlog reached €24.1 billion, up 28% in reported terms and 26% at constant currencies. Management linked demand to customers’ cloud transitions and business AI adoption.
These measures should not be conflated. Revenue represents sales recognised during the period, while contracted backlog provides a view of future business. It does not mean the entire backlog was earned in the quarter.
For enterprise software, the important test is whether AI-related offerings translate into paid services. These results do not isolate all growth as an AI effect: cloud infrastructure and business applications are sold as part of a broader product proposition.
