SAP AG (NYSE: SAP) reported Q2 EPS of EUR0.82, EUR0.07 worse than the analyst estimate of EUR0.89. Revenue for the quarter came in at EUR5.24 billion versus the consensus estimate of EUR5.22 billion.

SAP had strong growth in the cloud. Second quarter IFRS cloud subscriptions and support revenue grew 30% year-over-year to €720 million. Non-IFRS cloud subscriptions and support revenue rose 30% year-over-year (33% at constant currencies) to €721 million. New cloud bookings[1] were up a solid 28% (31% at constant currencies) in the second quarter and reached €255 million.

The rapidly expanding cloud business together with solid growth in support revenue continued to drive the share of more predictable revenue. The total of cloud subscriptions & support revenue and software support revenue reached 63% of total revenue in the second quarter 2016, up 1 percentage point.

SAP is significantly outpacing its main competitor in cloud and software revenue. IFRS cloud and software revenue was €4.36 billion, an increase of 7%. Non-IFRS cloud and software revenue was €4.36 billion, an increase of 7% (11% at constant currencies).

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