STOCKHOLM: German business software group SAP raised its full-year outlook for a third time on the back of a strong showing in the third quarter as more customers shift their IT operations to the cloud.
Operating profit is expected to be flat to down 2 per cent for the year, an improvement from its earlier forecast of unchanged to down 4 per cent. "We see record adoption of our applications and our platform," Chief Executive Officer Christian Klein said in a statement."This has resulted in strong acceleration of our cloud growth."
The cloud backlog for flagship database S/4HANA was up 58 per cent at constant currencies and current cloud backlog - a measure of incoming business - reported a 22 per cent growth during the third quarter.
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