OVHcloud-13.9% increase in turnover in Q1, annual targets confirmed | Photo credits: OVHcloud
January 12 (Reuters) – The French group OVHcloud on Wednesday reported a 13.9% increase in its quarterly turnover thanks to a good commercial performance which allows it to confirm its annual objectives.
Europe’s leading cloud computing service provider reported first-quarter revenue of € 187.2 million, up from € 164.3 million last year.
“These results reflect the signing of major accounts, our ability to federate and expand our ecosystem of international partners, and the continued success of our international expansion, in Europe but also in the United States and Asia. “, declared the general manager of the group Michel Paulin in a press release.
The group, which entered the Paris Stock Exchange in October, confirmed that it expects 2022 to grow its turnover in the upper half of its target range of between 10% and 15% and at a Profit margin before interest, taxes, depreciation and amortization (EBITDA) adjusted by approximately 40%.
Often presented by French politicians as an alternative European solution to the American giants of the sector, such as Google, Amazon or Microsoft, OVHcloud is still struggling to compete with the latter in terms of market share and financial resources.
The French government launched a plan last year to support cloud computing subsidiaries, supposed to help French companies become among the champions of the sector. (Report Dagmarah Mackos, edited by Blandine Hénault)