The second quarter earnings report by SAP showed encouraging signs that business travel is returning. Concur, the division which includes SAP’s expense management platform, reported stable revenue for the first quarterly period since last year’s global Covid-19 pandemic.
SAP announced Wednesday that the SAP Intelligent Spend division, which houses Concur and the SAP Ariba procurement platform, and the SAP Fieldglass workforce management software, earned EUR737 millions in constant currency revenue for the second quarter. This is 7 percentage points more than the second quarter 2020.
SAP reported Concur financial results as a standalone segment until 2020. The segment experienced a 15% year-over-year drop in Q4 2020, the last quarter where Concur earnings were separated out.
According to the company, the quarter-over-quarter increase in revenue was one of the “first signs of recovery” in expense and travel management. They cited the easing global travel restrictions as a major factor in the increased revenue. However, they acknowledged that Intelligent Spend continued to be impacted more by the Covid-19 crisis than other Software as a Service or Platform as a Service areas.
Publiated at Wed 21 July 2021 23.41:32 +0000