On Tuesday, the German multinational software corporation SAP AG announced a decline in net profit in first quarter from last year. The software maker reported that non-IFRS profit was higher. Revenue of the company rose more than 20%. In addition, the company's Cloud subscriptions and support business showed significant growth. According to reports, the results were helped by a cheaper euro.

SAP also backed its targets for the full year. The company also reported that profit registered 23% decline to about 414 million euros. Last year, it was about 534 million euros. The new results are based on the basis of International Financial Reporting Standards. The company reported that after tax, Non-IFRS profit climbed about 5% to 697 million euros.

As per the reports, non-IFRS operating profit increased about 15% to 1.06 billion euros, while operating profit fell more than 10% to 638 million euros. The company reported that total revenue for the quarter rose about 22% to about 4.497 billion euros. A year ago, revenue for the same quarter was 3.698 billion euros.

In EMEA, revenue of the company climbed 10% to about 1.941 billion euros, while in the United States, revenue was about 27% higher at about 1.455 billion euros. Software support revenues were more than 15% higher at about 2.454 billion euros. On the other hand, while Software licenses and support revenues climbed 16% to about 3.15 billion euros.

Revenue from Cloud subscriptions and support was more than double to more than 500 million euros. Non-IFRS cloud subscriptions and support revenue climbed about 131%.

Bill McDermott, CEO of SAP, said, "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."