OVHcloud reported a rise in first-quarter sales on Thursday, driven by a solid performance in Europe, as the European cloud services provider maintains its targets for 2024 and 2025.

First-quarter sales rose by 12% on a like-for-like basis to €239.8 million, slightly below the expectations of analysts surveyed by the group, who were on average expecting growth of 12.5%.

"In an uncertain economic environment, where our customers continue to optimize their spending, our performance-price ratio is particularly attractive," said Michel Paulin, CEO of OVHcloud, in a statement.

On the French market, which accounts for almost half of OVHcloud's sales, sales rose by 9.3%, while Europe excluding France posted growth of 16.3%.

(Reported by Olivier Sorgho, Augustin Turpin)