SAP shares hit an all-time high due to a 27% cloud revenue increase in Q3, driven by AI demand.

SAP's shares hit an all-time high following a robust third-quarter performance, with cloud revenue rising 27% to €4.35 billion, largely driven by demand for AI. The company increased its full-year cloud and software revenue forecast to €29.5-€29.8 billion and projected operating profit for 2024 at €7.8-€8 billion. SAP's strong results reflect healthy enterprise IT spending, benefiting the wider software market.

October 21, 2024
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