Shares in SAP surged more than 10 per cent on Wednesday after the German software group posted first-quarter earnings that beat analysts’ forecasts, boosted by a pivot to cloud services and sweeping cost cuts.
Europe’s biggest company by market capitalisation reported adjusted operating profit of €2.5bn on Tuesday evening, exceeding analysts’ consensus of €2.2bn and marking a 60 per cent year-on-year increase.
The strong performance helped SAP claw back some of the €50bn in market value lost since its February peak amid investor jitters over global trade tensions.
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