10/25/2022, 7:08 AM (Source: TeleTrader)
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Chart for: SAP SE O.N.

SAP's revenue soars 15% in Q3, led by cloud expansion

German tech giant SAP SE delivered its third-quarter earnings results ahead of Tuesday's opening bell, revealing an annual revenue increase of 15%, as its cloud platform continued to gain momentum. Still, the results missed analyst expectations.

While SAP's revenue reached €7.84 billion in the third trimester of 2022, its operating profit remained mostly unchanged at €1.24 billion, and its earnings per share tumbled as much as 52% to €0.57, looking at the data aligned with the international reporting standards. SAP's outlook suggested the company expects to see up to a 26% increase in cloud revenue this year while also recording a slight drop in operating profit.

Commenting on the results, SAP Chief Executive Christian Klein asserted that the company's transformation "reached an important inflection point" and secured "continued growth in the future." SAP also confirmed that its results this year were impacted by its decision to shut operations in Russia and Belarus.

Baha Breaking News (BBN) / ND