SAP raises revenue forecast as cloud push gains traction

Berlin: German business software group SAP AG raised its outlook for the second time this year as a strategic push to help customers shift their IT operations to the cloud gained traction in the second quarter.

SAP now expects cloud revenue to grow by 15%-18% in the year as a whole, helping its overall cloud and software revenue to gain 2%-3%. Operating profit is now expected to be unchanged to down 4% for the year.

“We’re seeing strong adoption of our cloud portfolio as customers select SAP for their digital business transformation. Our strategy is working,” CEO Christian Klein said on Wednesday.

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