SAP raises projections for growth in cloud computing, but shares fall
By Douglas BusvineFRANKFURT (Reuters) - SAP announced Thursday better than expected results and raised performance forecasts for the year driven by growth in the ...
By Douglas BusvineFRANKFURT (Reuters) - SAP announced higher-than-expected results on Thursday and raised performance projections for the year driven by growth in the cloud computing business, but shares of the enterprise software maker have retreated from weakness in the licensing business. software.The 3.5 percent decline in stocks limited the effect of comments by CEO Bill McDermott, who told reporters that new sales of the company's software package, announced last month, were taking the market by surprise.SAP, which with a market value of $ 150 billion is Europe's most valuable technology company, has raised operating income and profit estimates for the year.The company further adjusted its cloud computing projection in 2020 after revenue from this segment grew 40 percent at constant exchange rates in the second quarter."We are raising the projections as a sign that a new wave of growth has been triggered," the SAP executive told reporters at the earnings conference c...
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