SAP bets big after breaking €20bn in 2018 cloud and software revenues

SAP broke €20 billion in yearly cloud and software revenues in 2018, hitting or exceeding its raised outlook metrics in the process – and the company wants more, targeting €35bn in total revenue by 2023.The Q4 2018 financial results saw total cloud and software revenues hit €6.3 billion (£5.5bn), representing 85% of total revenues that quarter. Naturally this statistic is somewhat obfuscatory – as regular readers of this publication will recognise, many of the largest cloud providers do it – but other stats are available. New cloud bookings for the whole of 2018 hit €1.8bn, a 25% increase on the previous year, while CEO Bill McDermott said cloud revenue grew 40% in Q4, and 38% across the full year.