Shares of German software company SAP were rising on Thursday after a solid third-quarter earnings report.
The company’s cloud-computing unit is performing particularly well, Chief Executive Christian Klein said. SAP is moving away from selling software licenses in favor of subscription-based services, which are more profitable and create consistent recurring revenue. Operating-profit margin rose to 29.4% in the third quarter from 27.8% a year ago.
Newsletter Sign-up SAP may also be able to benefit from advances in artificial intelligence. It has invested in generative AI companies and expanded a partnership with Google Cloud. The company reaffirmed guidance for the year in its latest results.
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