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SAP Q2 results top estimates as ongoing cloud demand boosts revenue

Investing.com -- SAP reported Monday fiscal second-quarter results that topped Wall Street estimates as its cloud business was boosted by growing enterprise demand for its artificial intelligence offering.   

SAP SE ADR (NYSE:SAP) rose nearly 5% in aftermarket hours trading following the results.

For the three months ended Jun. 30, SAP reported adjusted earnings of €1.10 per share on revenue of €8.29B, compared with estimates for €1.09 on revenue of €8.26B.

The beat was fueled by cloud growth momentum, which "remained strong in Q2, with Business AI enabling many deals," the company said.

Cloud and software revenue jumped 10% to €7.17B in Q2 year on year and the software maker continues to win new business, boosting its current backlog.   

Current cloud backlog jumped to 28% to €14.8B.

Looking ahead, the tech company reiterated its outlook for the full-year, forecasting adjusted operating profit between €7.6B and €7.9B on cloud revenue in a range of €17.0B to €17.3B. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.