Shares rose 5.1% after SAP reported cloud revenue growth of 25% and a 26% increase in cloud backlog. The positive reaction reflects strong growth in its cloud business, which management said was significantly driven by Business AI, data, and platform offerings.
- Cloud revenue was €6.7 billion, up 25% in constant currencies; proven cloud backlog reached €24.1 billion, up 26%.
- Total revenue was €10.3 billion, up 12%, while operating profit increased 18% to more than €3 billion.
- Nine out of SAP’s 50 largest deals included AI and Business Data Cloud, and management said AI was the main driver of customers’ move to the cloud.
- SAP cited IDC estimates that it is growing about 11 percentage points faster than the market and more than 1.7 times faster than the overall HCM market.
- Management emphasized quality over quantity in AI agents; the transcript excerpt provides no updated full-year outlook.
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