SAP - Why German Software Giant SAP Shares Are Rocketing Premarket Wednesday? | Benzinga
SAP SE (NYSE: SAP) shares are rising by around 5% after the company reported fourth-quarter FY23 financial results.
SAP reported revenue growth of 5% Y/Y to €8.468 billion. Total revenue was up 9% Y/Y in constant currencies (CC).
Cloud revenue increased 20% Y/Y (+25% Y/Y in CC) to €3.699 billion. Software licenses and support revenue declined 5% Y/Y (-2% Y/Y in CC) to €3.687 billion.
Cloud and software revenue grew 6% Y/Y (+10% Y/Y in CC) to €7.386 billion. Current Cloud backlog was up 25% Y/Y (+27% Y/Y in CC) to €13.75 billion.
Non-IFRS cloud gross margin was up 2.7 percentage points to 72.8% at CC.
Non-IFRS operating profit fell 2% Y/Y (+2% Y/Y in CC) to €2.51 billion, owing to ...