OVHcloud has reported strong financial growth for Q3 2023, posting a 12.6% increase to €228m.
CEO Michel Paulin credited the growth spurt to its expanding cloud business and AI-focused product innovation.
He said: “This quarter also saw excellent momentum in product innovation coupled with a concerted drive to develop an offering dedicated to artificial intelligence requirements.
“Developments around AI are both on the hardware, to implement new GPU designed for AI, and around Large Language Models in order to offer generative AI that respects customers’ data privacy, which will allow us to target the exponential rise in customer demand in this area.”
For FY23, OVHcloud is targeting a 13-14% organic revenue growth, higher than FY 2022. The company's private cloud business saw a 13.3% rise in revenues, while the public cloud grew by 20.1%.
Geographically, France led in revenue generation, with other European regions also seeing robust growth. North America and Russia, however, faced slower growth due to macro-economic challenges.
