SAP has announced its first quarter financial results for 2015 and a 23% fall in net profit compared with the previous year.
For the period ending 31st March, net profit stood at €414 million, down from €534 million during the same period last year.
Despite this, revenue was up by 22% to €4.5 billion which has been helped by the adoption of its cloud offerings. This was highlighted in a 131% increase in cloud subscriptions and support to €503 million.
Bill McDermott, CEO of SAP, said: "We are pleased to report triple-digit growth in both cloud and our business network segment which started on a high note."
"SAP S/4HANA saw robust early traction and is catalyzing momentum across SAP. We are a strong growth company with every region growing in double digits in cloud and software revenue this quarter. We remain ever focused on seamless execution of our consistent, customer-driven strategy."
Adoption of SAP HANA is proving to be strong for the company as its number of customers reached 6,400, which the company state is almost double from the previous year. Meanwhile, early adoption figures of S/4 HANA shows that over 370 have adopted to date.
Luka Mucic, CFO of SAP, said: "SAP’s customer centricity and commitment to investing in innovation are paying off."
"We grew our cloud and software revenue by 24% and increased our operating profit by 15% surpassing €1 billion in a first quarter for the first time as currency shifted to a tailwind."
