France's OVHcloud first-quarter sales jump 12% on Europe boost


The logo of French cloud computing company OVHcloud is seen at the companys building in Paris France January 25 2023. REUTERSSarah MeyssonnierFile Photo

The logo of French cloud computing company OVHcloud is seen at the company's building in Paris, France, January 25, 2023. REUTERS/Sarah Meyssonnier/File Photo

(Reuters) - French cloud services provider OVHcloud on Thursday posted higher first-quarter sales, roughly in line with expectations, helped by a solid performance in Europe, while maintaining its targets for this year and 2025.

Sales in the quarter grew 12.0% on a like-for-like basis to 239.8 million euros ($263.30 million), nearly matching a company provided consensus expectation of 12.5% growth.

Some global cloud companies, including sector major Oracle, have faced a sales slowdown due to macroeconomic uncertainties. OVH in October gave a lower- than-expected sales target for the current year.

"In an uncertain economic environment, where customers are optimizing their spending, our performance-price ratio is particularly attractive," OVHcloud CEO Michel Paulin Paulin said in a statement on Thursday.

In France, which accounts for nearly half of OVH's revenue, sales were up 9.3%, while Europe excluding France saw growth of 16.3%.

($1 = 0.9107 euros)

(Reporting by Olivier Sorgho; Editing by Christopher Cushing and Rashmi Aich)

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