OVHcloud hikes 2022 revenue target on solid growth momentum

div classBodysc17zpet90 cdBBJodivpReuters French cloud computing company OVHcloud on Thursday raised its 2022 objective for revenue growth, citing increased demand for sovereign cloud offerings and solid commercial momentum, including contacts with major companies and public entities.p

pThe newlylisted cloud services provider now expects to report revenue growth between 1517 for the twelve months to August 31, compared with its earlier growth estimate of 12.515. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pCloud computing has become a major driver of growth for the big tech in recent years, with the U.S. giants market power prompting the emergence of smaller rivals like OVHcloud and German software provider NextCloud.p

p“The first halfyear results demonstrate OVHclouds ability to deliver a robust, sustainable and profitable growth acceleration strategy,” Chief Executive Officer Michel Paulin said in a statement.p

pEuropes leading cloud provider, which operates more than 400,000 servers in 33 data centres across four continents, reported a 13.3 likeforlike jump in its firsthalf revenue at 382 million euros 416.84 million.p

pRevenue generated in Russia, Belarus and Ukraine represented approximately 1.5 of the group total, and OVHcloud said its outlook assumed minimal revenue in the region for the full year.p

pThe groups client retention showed steady improvement from last year, with net revenue retention rate of 112 in the first half. p

pIt maintains its 2022 margin target on adjusted earnings before interest, taxes, depreciation and amortisation EBITDA of around 40.p

p1 0.9164 eurosp