SAP raised its operating profit outlook on Wednesday as Europes largest software groups quarterly cloud revenue exceeded 1.5bn for the first time, up 45 per cent from the same period a year earlier.
The German business software group took a hit from restructuring costs as well as other acquisition-related and share-based bonus charges, announced earlier, to report a first-quarter operating loss. The shares rose about 7 per cent in early Frankfurt trading and were the biggest risers among European equities after Wirecard, a fellow German company.
The Walldorf-based groups operating loss of 136m, which compared with a 2018 first-quarter profit of 1.03bn, took into account expected restructuring costs of 886m as well as charges rel…
Read the full article at: https://www.ft.com/content/0b92a078-664d-11e9-9adc-98bf1d35a056