SAP reported first-quarter financial results, with cloud revenue reaching €3.7 billion, a 20% increase year-over-year, driven by a surge in demand for artificial intelligence. The company's total revenue rose by 8% to €8.0 billion, and its cloud backlog grew by 27% to €14.2 billion. Non-IFRS earnings per share (EPS) also increased by 8% to €0.81. Despite these gains, SAP's Q1 results fell short of Wall Street estimates. The company also announced a restructuring cost of €2.2 billion and reaffirmed its full-year revenue outlook of €17.0 to €17.3 billion, representing a 25% growth from the previous year.
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$SAP SAP Q1 FY24: • Cloud backlog +27% Y/Y to €14.2B. • Restructuring €2.2B. • Revenue +8% to €8.0B. • Cloud revenue +20% to €3.7B. • Non-IFRS EPS +8% Y/Y to €0.81. Outlook reaffirmed: • FY24: €17.0 to €17.3B (+25% Y/Y). https://t.co/2gGHKCIovo
SAP reported first-quarter cloud revenue in line with analysts, as a boom in demand for artificial intelligence fueled the German software company’s growth. https://t.co/dcFUqHxSqA