1516 GMT- SAP SE is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the company changed its 2023 outlook and reported a jump in first-quarter revenue. The German-based software company downgraded its non-IFRS operating profit outlook for the year, saying that it expects it at constant currencies between EUR8.6 billion and EUR8.9 billion, compared with EUR8.8 billion to EUR9.1 billion previously. SAP also downgraded its cloud revenue expectations at constant currencies, saying it should come between EUR14 billion and EUR14.4 billion, down from between EUR15.3 billion to EUR15.7 billion previously. Meanwhile, first-quarter revenue rose on a non-IFRS basis to EUR7.44 billion, from EUR6.77 the prior year. We continue to like the company because of strong growth in the cloud segment, but also because of its strong credit profile," the analyst says.

Source: Wall Street Journal April 22, 2023 03:40 UTC