SAP Sap SE

   By Mauro Orru 
 

SAP on Thursday updated its guidance for the year after reporting higher revenue and operating profit in the second quarter, driven by strong growth at its core cloud business.

Reporting on a non-IFRS basis, the Walldorf, Germany-based software company said total revenue climbed to 7.55 billion euros ($8.46 billion) from EUR7.21 billion in last year's second quarter, with cloud revenue up to EUR3.32 billion from EUR2.80 billion, but software-licenses revenue down to EUR316 million from EUR426 million.

Operating profit increased to EUR2.06 billion from EUR1.68 billion, with SAP's operating margin up to 27.2% from 23.3%.

Analysts had forecast total revenue of EUR7.60 billion and cloud revenue of EUR3.40 billion on operating profit of EUR1.93 billion and a 25.6% operating margin, according to a company-provided consensus on a non-IFRS basis.

SAP, like other European software companies, presents its figures as two sets of numbers. One set is based on the International Financial Reporting Standards--an international accounting method that seeks to provide a global reporting standard--though analysts and investors tend to follow SAP's non-IFRS numbers. Those figures exclude share-based compensation, restructuring expenses and acquisition-related charges.

For 2023, SAP now expects non-IFRS operating profit at constant currencies between EUR8.65 billion and EUR8.95 billion, up from EUR8.6 billion to EUR8.9 billion as previously expected. Cloud revenue at constant currencies should range between EUR14 billion and EUR14.2 billion, and no longer to EUR14.4 billion as previously expected.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 20, 2023 12:38 ET (16:38 GMT)

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