SAP shares surge on upbeat Q3 earnings

Friday, 11. October 2019 13:16

Shares of German software giant SAP SE rose over 7% on Friday after the company pre-announced its earnings results for the third quarter, showing a 13% increase in total revenue.

Cloud revenue grew 37% year-over-year, with IFRS operating profit rising 36% in the quarter. CFO Luka Mucic singled out the cloud business as the strongest driver of growth. Meanwhile, CEO Bill MCDermott resigned, and Executive Board members Jennifer Morgan and Christian Klein were appointed as co-CEOs.

At 1:20 pm CET, SAP's stock gained 7.38% to reach €112.70, highest since late July.

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Breaking the News / NI