Software group SAP takes hit from restructuring but raises outlook – Financial Times
SAP raised its operating profit outlook on Wednesday as Europes largest software groups quarterly cloud revenue exceeded 1.5bn for the first time, up 45 per cent from the same period a year earlier.
The German business software group took a hit from restructuring costs as well as other acquisition-related and share-based bonus charges, announced earlier, to report a first-quarter operating loss. The shares rose about 7 per cent in early Frankfurt trading and were the biggest risers among European equities after Wirecard, a fellow German company.
The Walldorf-based groups operating loss of 136m, which compared with a 2018 first-quarter profit of 1.03bn, took into account expected restructuring costs of 886m as well as charges rel…
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