SAP SE (NYSE:SAP) reported its first-quarter results after Thursday’s closing bell, beating Wall Street’s earnings estimates.
Here’s a look inside the report.
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SAP Q1 Details
SAP reported quarterly earnings of $2.01 per share, which beat the consensus estimate of $1.92 by 4.69%, according to Benzinga Pro data.
Quarterly revenue came in at $11.19 billion, which just missed the Street estimate of $11.26 billion and was up from $9.48 billion in the prior year’s quarter.
SAP reported the following first-quarter highlights:
- Current cloud backlog of €21.9 billion ($25,586,865,000), up 20% and up 25% at constant currencies
- Cloud revenue up 19% and up 27% at constant currencies
- Cloud ERP Suite revenue up 23% and up 30% at constant currencies
- Total revenue up 6% and up 12% at constant currencies
- IFRS operating profit up 17%, non-IFRS operating profit up 17% and up 24% at constant currencies
“We had a strong start to the year, with Current Cloud Backlog growing by 25% and Cloud Revenue up 27% at constant currencies,” CEO Christian Klein said.
“This performance is supported by our momentum in Business AI as we are already delivering real outcomes for customers today. We are growing faster than the market and are gaining share as customers expand across our Suite and with our AI solutions,” Klein added.
SAP Stock Price: According to data from Benzinga Pro, SAP stock was up 6.05% to $173.13 in Thursday’s extended trading.
Photo: Shutterstock
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