SAP: revenues jump, cloud business expands rapidly
(CercleFinance.com) - SAP, one of the world's biggest business software makers, raised its 2019 forecasts given the rapid growth of its cloud business.
The positive outlook added to solid quarterly results on Wednesday, with the group's cloud and software revenue seeing "double-digit" growth in the past quarter.
In the first quarter, total revenue rose by 16% to 6.1 billion euros (IFRS), up 16% (non-IFRS).
Cloud revenue exceeded 1.5 billion euros for the first time in a quarter, up 45%, SAP said.
The German company raised its 2019 forecasts and now expects non-IFRS operating profit to be in a range of 7.85 billion euros - 8.05 billion euros at constant currencies in 2019, compared to a previous guidance range of 7.7 billion euros - 8 billion euros.
And there is more good news: hedge fund Elliott said that it was "supportive" of SAP's strategic initiatives.
The shares were up over 7% in Frankfurt after these announcements were made.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The positive outlook added to solid quarterly results on Wednesday, with the group's cloud and software revenue seeing "double-digit" growth in the past quarter.
In the first quarter, total revenue rose by 16% to 6.1 billion euros (IFRS), up 16% (non-IFRS).
Cloud revenue exceeded 1.5 billion euros for the first time in a quarter, up 45%, SAP said.
The German company raised its 2019 forecasts and now expects non-IFRS operating profit to be in a range of 7.85 billion euros - 8.05 billion euros at constant currencies in 2019, compared to a previous guidance range of 7.7 billion euros - 8 billion euros.
And there is more good news: hedge fund Elliott said that it was "supportive" of SAP's strategic initiatives.
The shares were up over 7% in Frankfurt after these announcements were made.
Copyright (c) 2019 CercleFinance.com. All rights reserved.