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SAP shares hit all-time high after upbeat cloud business outlook

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FRANKFURT :Shares in SAP were up 5 per cent at market open on Tuesday, hitting an all-time high of 221 euros ($239.21) after the German software company raised its full-year targets on a strong cloud business in the third quarter. Cloud revenue grew 27 per cent, adjusted for currency effects, to 4.

A logo on the SAP exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/ File PhotoFRANKFURT :Shares in SAP were up 5 per cent at market open on Tuesday, hitting an all-time high of 221 euros after the German software company raised its full-year targets on a strong cloud business in the third quarter.

Artificial intelligence was a key growth driver, according to CEO Christian Klein."Around 30 per cent of our cloud contracts in the third quarter included AI use scenarios," he said late on Monday. The company expects the cost of its restructuring to come at around 3 billion euros as it evaluates up to 10,000 jobs out of its 100,000 total headcount to prepare for the era of AI.

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