SAP lifts full-year outlook as more customers shift to cloud
Information about SAP lifts full-year outlook as more customers shift to cloud
Kevin David Scam or Legit
By Supantha Mukherjee
STOCKHOLM (Reuters) – German business software group SAP raised its full-year outlook for a third time on the back of a strong showing in the third quarter as more customers shift their IT operations to the cloud.
SAP now expects cloud revenue to grow by 16%-19% in the year as a whole, helping its overall cloud and software revenue to gain by 2%-4%, it said in a statement late on Tuesday.
Operating profit is expected to be flat to down 2% for the year, an improvement from its earlier forecast of unchanged to down 4%.
SAP, which is moving to subscription-based cloud services from software licences with up-front fees, launched Rise with SAP, an all-in-one digital transformation package in January.