Germany's business management software company SAP has reported a jump in quarterly bottom-line earnings. Growth in its cloud computing segment helped it sit pretty in a rather volatile market environment.
Walldorf-based SAP announced October 21 its net profit surged by 23 percent in the third quarter, reaching 762 million euros ($1.036 billion).
The company's cloud computing business was particularly strong, seeing revenues in the segment triple to 191 million euros from 63 million euros year-on-year, indicating a strong interest by clients to access SAP's computers over the Internet rather than having their software installed and maintained on-site.
"The industry's move to cloud and mobile computing is a fundamental transition of the industry and SAP is clearly leading the switch to the new way of doing this," SAP Co-CEO Jim Hagemann Snabe said in a statement.
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