SAP Stock Is Up After Q2 Results: Here's A Look At The Details
Portfolio Pulse from Erica Kollmann
SAP SE (NYSE:SAP) reported its Q2 financial results, missing analyst estimates for both earnings and sales. Despite this, the company saw significant growth in its cloud revenue and backlog, and shares rose 4.80% after-hours. SAP reiterated its fiscal year 2024 outlook and provided strong guidance for 2025.
July 22, 2024 | 9:26 pm
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SAP SE reported Q2 earnings of 82 cents per share, missing the analyst consensus estimate of $1.19. Quarterly sales of $8.92 billion also missed estimates but grew 8.81% YoY. Cloud revenue grew 25%, and the company reiterated its fiscal year 2024 outlook while providing strong guidance for 2025. Shares rose 4.80% after-hours.
Despite missing earnings and sales estimates, SAP's strong cloud revenue growth and positive future outlook have led to a positive market reaction, with shares rising 4.80% after-hours. The company's reiterated and strong future guidance further supports a positive short-term impact on the stock price.
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