OVHcloud posts revenue growth of nearly 14% in fiscal Q1, confirms FY targets

France based -cloud provider OVHcloud generated revenues of $200 million for the fiscal quarter that ended on 30 November, up 13.9 percent year-on-year on a reported basis.  

After the growth rate reached 13.5 percent when excluding the impact of the fire incident at OVHcloud’s data center in Strasbourg and adjusting for scope/currency movements, the company said that its performance met expectations and confirmed the full-year financial guidance issued in mid-November, as well as its medium-term objectives.  

Michel Paulin, Chief Executive Officer of OVHcloud said: “With a 13.9% increase in revenue compared to the previous fiscal year, this first quarter confirms the Group’s ability to implement an ambitious strategy, which allows us to accelerate our growth trajectory. These results reflect the signature of large accounts, our ability to federate and extend our ecosystem of international partners, and the continued success of our international expansion in Europe but also in the United States and Asia. All of these factors allow us to confidently carry out our strategy in our European leadership, capitalize on the exponential growth of the Cloud market and achieve our objectives throughout 2022”.  

The net revenue retention rate reached 112 percent over the period. It also reached 112 percent (vs. 103 percent in FY21) due to the adjustment for the credit notes and bonds issued following the Strasbourg incident and the exchange rate. This is a substantial increase compared to previous years, demonstrating the Group’s ability to grow with its customers.  

During this first quarter, OVHcloud continued to sign new customers, such as EDF Renewables and HarfangLab, in its various segments and across its multiple geographies. Those commercial successes confirm the relevance of OVHcloud’s positioning as a trusted alternative in the global cloud industry.  

The Group’s various acquisition channels contributed to growth acceleration, whether via the digital channel, in Europe excluding France and in the world in Asia and the United States, or via its international partners. Since the beginning of its fiscal year, OVHcloud has  

The company continued to build and improve ties with its European partners such as Sopra Steria, Atos, OCTO Technology (part of Accenture), Bechtle, and Inetum.