SAP Jumps After Lifting Full-Year Guidance on Cloud Business

SAP Jumps After Lifting Full-Year Guidance on Cloud Business
Bloomberg
1 hr ago
Giles Turner and Ivan Levingston
© Bloomberg
A visitor passes the SAP SE logo at the company's headquarter campus site in Walldorf, Germany, on Tuesday, Jan. 28, 2020. SAP, Europe’s biggest software company, boosted its revenue and operating profit forecasts for 2020 after reporting fourth quarter income that met analyst estimates.
(Bloomberg) -- Shares of SAP SE hit a six-month high in early trading after the company released preliminary first-quarter results that showed customers are beginning to pick up information technology spending after cutting back during the pandemic.
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The Walldorf, Germany-based software company said late Tuesday it saw a 7% rise in first-quarter cloud revenue and raised the lower end of its full-year forecast for cloud sales. Adjusted cloud revenue was 2.15 billion euros ($2.57 billion) in the period ended March 31.

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