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SAP SAP's revenue increased by 9% year-over-year to €8.5 billion, exceeding estimates by €0.1 billion, with earnings coming in above expectations. The company continued to see strong growth in its cloud segment, which saw a 25% rise in revenue to €4.4 billion. SAP is moving its customers to a subscription-based cloud model, and its investments in AI are yielding positive results.CEO Christian Klein highlighted the company’s "strong progress on Business AI with groundbreaking innovations like SAP Knowledge Graph," which has played a significant role in securing new cloud contracts.
SAP raised its fiscal year 2024 revenue forecast by $400 million to around €29.7 billion and maintained its cloud revenue projection of €17.0 to €17.3 billion. Additionally, the company’s cloud backlog grew by 25% (or 29% in constant currency) to €15.4 billion, reflecting robust growth. Despite undergoing a restructuring program, SAP has joined other software firms experiencing growth fueled by AI advancements.
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