SAP Lifts Sales Outlook, Buying Back Stock on Cloud Growth
- The software maker kept its annual profit estimate unchanged
- Profit margins remained supressed by R&D, sales costs
SAP CEO Sees Cloud Costs Declining in Second Half
This article is for subscribers only.
Software giant SAP SE raised its annual revenue outlook and said it would buy back up to a half billion dollars in stock after reporting a better-than-expected jump in sales, lifted by a revamped version of its flagship software.
The German maker of applications that run businesses’ finances, manufacturing and personnel is projecting sales of 23.3 billion euros ($26.8 billion) to 23.7 billion euros this year, based on constant currencies. That’s up about a 100 million euros on both ends of its prior forecast. SAP is about to start a share buyback of up to 500 million euros this year, and it raising its outlook for cloud and software revenue.