SAP shares at all-time high after adjusted profit beats market view

Posted under: AI technologies
Date: 2024-07-23
SAP shares at all-time high after adjusted profit beats market view

SAP's shares surged by up to 7%, hitting a record high, following its announcement of better-than-expected quarterly operating profit. The German software giant reported a 33% increase in adjusted operating profit to 1.94 billion euros, surpassing analyst estimates. SAP also announced an expansion of its restructuring efforts affecting 9,000 to 10,000 positions, aimed at enhancing capabilities in artificial intelligence (AI). With a 10% rise in total quarterly revenue to 8.29 billion euros, SAP remains optimistic about accelerating growth through 2027, supported by strong demand for its business planning software and efficiency gains from its transformation program.

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