Trending: SAP's Cloud Momentum Accelerated Further in 1Q
1219 GMT - SAP is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after it posted higher revenue and operating profit in the first quarter. The German business-software company said its cloud momentum accelerated further with an on-quarter growth-rate increase of 1 percentage point. Its cloud backlog grew by 27%--its fastest on-record growth--supported by AI demand, while cloud revenue jumped 24%. This provides significant visibility on a business that now accounts for more than 50% of SAP's software revenues, Bank of America analysts wrote in a research note. The company also reiterated its full-year guidance. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)
(END) Dow Jones Newswires
April 23, 2024 08:35 ET (12:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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