SAP Shares Rise to Record as AI Tools Boost Cloud Sales
- Cloud revenue rose from a year earlier to €4.35 billion
- Tuesday’s increase made SAP Europe’s most valuable tech firm
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SAP SE’s shares rose to a record as cloud revenue soared at Europe’s biggest software company, which is transitioning customers away from locally run systems with the promise of artificial-intelligence tools and analytics.
Cloud revenue rose 25% in the third quarter from a year earlier to €4.35 billion ($4.7 billion), the Walldorf, Germany-based company said in a statement on Monday, roughly in line with analysts’ estimates. The firm’s cloud backlog, which reflects sales that will be booked over the next twelve months, gained 25% to €15.4 billion.