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)
