SAP SE (SAP.XE) said Tuesday that the company met or exceeded all of its targets for 2018, partly due to double-digit growth in its cloud segment.

Net profit for the fourth quarter was 1.69 billion euros ($ 1.93 billion) on an IFRS basis compared with EUR1.81 billion a year earlier. On a non-IFRS basis, profit for EUR1.86 billion.

SAP said revenue was up 9% in the quarter to EUR7.24 billion. 41% on year to EUR1.41 billion.

Analysts had estimated net income of EUR1.52 billion in the fourth quarter on revenue of EUR7.25 billion, according to a FactSet-compiled consensus.

Net profit for the year was up 1% at EUR4.09 billion on the back of EUR24.71 billion, SAP said. Cloud subscriptions and support revenue at EUR4.99 billion for the year, or EUR5.21 billion on a non-IFRS basis.

The company said it had "multiple times," SAP chief executive Bill McDermott said.

SAP said it expects total revenue to increase strongly for 2019, with cloud subscriptions and support revenue of between 33% and 39% to between EUR6.7 billion and EUR7 billion.

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