7:19 am SAP Trims Full-Year Operating Profit Outlook
German software giant SAP (SAP 68.99) reported its third quarter results. They were better than expected, yet a reduced full-year outlook has the stock on the defensive.
SAP's total revenue for the third quarter increased 5% to EUR 4.26 billion. That gain was paced by a 7% jump in software and software-related services revenue, which featured a 41% increase in cloud subscriptions and support.
The company noted that more than one third of its software license revenue in the third quarter was from new business in the cloud …More