SAP - SAP Q1 Earnings: AI Transformation Is Well Underway

2024-04-23 02:03:16 ET

Summary

• SAP reported Q1 FY24 earnings in line with expectations, showing progress towards its Ambition 2025 targets.
• Cloud revenues and backlog continue to grow at strong rates, demonstrating the success of SAP's turnaround efforts.
• With no significant change in the outlook, most expectations have already been priced in, suggesting a neutral view on SAP.

Investment Thesis

SAP ( SAP ), the German software maker of enterprise software, reported its Q1 FY24 earnings after the market closed yesterday. The results seemed to be in line with consensus expectations that were benchmarked for the company. SAP's management also gave an update on the progress of their Transformation Program as the European tech giant inches closer to their Ambition 2025 operating model targets....

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