(BFM Bourse) – The specialist in dematerialized IT services recorded growth of 10.1% on a comparable basis for the quarter ended at the end of May. The company confirms its annual objectives.
OVHcloud is regaining some momentum on the stock market. The French specialist in dematerialized IT services (cloud) rose 14% at the start of the session this Thursday, after delivering activity above expectations in the third quarter of its 2023-2024 financial year.
Over this period from March to the end of May, OVHcloud generated revenues of 251 million euros, up 10.5% year-on-year in published data and 10.1% like-for-like.
According to Invest Securities, analysts on average expected turnover of 247 million euros and like-for-like growth of 9%.
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Increase in revenue per customer
“During this third quarter, OVHcloud demonstrated the resilience of its business by posting good growth. In the United States, we recorded a clear acceleration in our growth, driven in particular by strong demand from technology companies, which are looking for the best performance/price ratio for their complex needs. In Europe, the macroeconomic environment remained difficult and weighed on cloud spending and projects,” explained Michel Paulin, CEO of OVHcloud, quoted in a press release.
More precisely, OVHcloud recorded an increase in its revenues of 7.9% on a comparable basis in France and 8.6% in the rest of Europe, while the “rest of the world” zone experienced growth of 11 .9%
By product segment, the public cloud (where the infrastructure is shared) recorded growth of 11.9% on a like-for-like basis while the private cloud recorded an increase of 10.7%.
In the private cloud, the company explains that revenues were driven by the growth of “Arpac”, i.e. the average revenue per customer/account, thanks to an upscaling of new generations of servers. .
Stock sales
Following this publication, OVHcloud reiterated its objectives for the financial year ending in 2024, namely growth of between 9% and 10%, as well as an adjusted gross operating margin of more than 37%.
Remember that the group lowered its outlook last April, citing “an economic context offering little visibility”. Which constitutes one of the factors having caused the 33% drop in the stock since the start of the year.
At the end of May, Stifel dropped its buy advice, switching to “hold.” The bank was particularly concerned that the recent sales of shares by Octave and Miroslaw Klaba, the founders of the company, meant that the two brothers were not focused on creating value within the company and that visibility on a growth rebound is weak.
Julien Marion – ©2024 BFM Bourse
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