Why SAP Shares Are Sliding Today
Portfolio Pulse from Lekha Gupta
SAP SE reported Q2 FY23 revenue growth of 5% Y/Y to €7.55 billion, with cloud revenue increasing 22% Y/Y to €3.32 billion. However, software licenses and support revenue declined 4% Y/Y to €3.19 billion. The company also updated its FY23 outlook, revising guidance for cloud revenue and non-IFRS operating profit. Despite these results, SAP shares traded lower by 4.42% at $136.68.
July 20, 2023 | 5:21 pm
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SAP reported a 5% Y/Y revenue growth and a 22% increase in cloud revenue for Q2 FY23. Despite these positive results, the company's shares fell by 4.42%.
SAP's Q2 FY23 results showed a positive revenue growth, particularly in the cloud sector. However, the decline in software licenses and support revenue, along with the downward revision of the cloud revenue guidance for FY23, may have contributed to the drop in the company's share price.
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