French Cloud provider OVH Cloud on track to meet full-year objectives

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French Cloud provider OVH Cloud on track to meet full-year objectives

The logo of the French cloud computing company OVHcloud is seen on a data center building in Strasbourg.

OVHcloud, a French cloud computing company, reported a rise of 13.9% in its first-quarter revenue and said it was on track to meet its full-year objectives.

The cloud services provider posted revenue of 187.2 million euros $212.9 million during September-November, citing good commercial performance with strong customer gains.

In the quarter, the group also highlighted the launch of new Platform-as-a-service PaaS solutions, and an acceleration in its international expansion, particularly in the United States and Asia.

All these factors allow us to assert our European leadership, capitalise on the exponential growth of the cloud market and achieve our objectives throughout the 2022 period, Chief Executive Officer Michel Paulin said in a statement.

OVHcloud stated that it expects to come in the upper half of its initial target range of 10% to 15%, and an adjusted earnings before interest, taxes, depreciation and amortisation EBITDA margin of around 40% in the 2022 fiscal year.

Paulin said that the company, which made its market debut in October in one of Paris' biggest new listings of the year, is well-positioned to capitalize on the exponential growth in the global cloud market.

The competitive landscape remains dynamic with Amazon Web Services, Microsoft's Azure and Google Cloud Platform making changes to their operations to comply with European regulations.