BERLIN, Oct. 21 (Xinhua) -- German software giant SAP raised its forecast for the current fiscal year thanks to its good cloud business and announced a net profit of 1.42 billion euros (1.65 billion U.S. dollars) in the third quarter (Q3) of 2021 on Thursday.
Cloud revenues in Q3 jumped 20 percent to 2.37 billion euros, while the backlog in SAP's cloud business with contractually committed revenues for the next 12 months increased by 24 percent to 8.17 billion euros.
The company saw a "record adoption" of its applications and platform, said Chief Executive Officer (CEO) Christian Klein, noting that it has resulted in "strong acceleration of our cloud growth."
Although SAP lowered its business expectations last year, total revenues increased five percent and reached 6.8 billion euros in Q3.
The company raised its full-year outlook and expects revenues of up to 9.6 billion euros for its cloud business in constant currency, with operating profit between 8.1 billion euros and 8.3 billion euros.
The company's cloud business was "growing at an accelerating pace and has led to our improved full-year outlook," said Chief Financial Officer (CFO) Luka Mucic.
Following the announcement, SAP' shares rose 2.50 percent, making the company one of the biggest winners among Germany's 40 largest DAX-listed (Deutscher Aktienindex) blue-chip companies during trading on Thursday. (1 euro = 1.16 U.S. dollar)