SAP Shares Slump After Cloud Business Growth Disappoints

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

By Mauro Orru Shares of German business-software company SAP plunged in Friday morning trading after the group posted cloud revenue growth below analysts'...

By Mauro Orru Shares of German business-software company SAP plunged in Friday morning trading after the group posted cloud revenue growth below analysts' expectations for the second quarter, prompting SAP to cut its cloud revenue projection for the year.Reporting on a non-IFRS basis, the Walldorf, Germany-based company said Thursday that total revenue had climbed to 7.55 billion euros from EUR7.21 billion in last year's second quarter, with cloud revenue up 19% to EUR3.

The group said its cloud business had delivered a strong performance across all regions in the quarter, citing"outstanding" growth in Germany, Brazil and India. Analysts had forecast total revenue of EUR7.60 billion and cloud revenue of EUR3.40 billion on operating profit of EUR1.93 billion and a 25.6% operating margin, according to a company-provided consensus on a non-IFRS basis.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Netflix shares slump on revenue outlook, Tesla stock slips on margin fears and other stocks on the moveTesla, Netflix and United Airlines are among the stocks that are active.
Source: MarketWatch - 🏆 3. / 97 Read more »