Summary by Moomoo AI
SAP delivered robust Q3 2024 results with cloud revenue surging 25% to €4.35B, driven by Cloud ERP Suite revenue growth of 34%. Current cloud backlog increased 25% to €15.38B. Total revenue rose 9% to €8.47B, while IFRS operating profit jumped 29% to €2.21B.The company's transformation program initiated in 2024 has begun yielding efficiency improvements, contributing to strong operating profit and free cash flow growth of 44% to €1.25B. The share of more predictable revenue increased by 2 percentage points to 84%. Notable customer wins included eBay, Roche, and Nvidia.Based on strong performance, SAP raised its 2024 outlook, now expecting cloud and software revenue of €29.5-29.8B (up 10-11%) and non-IFRS operating profit of €7.8-8.0B (up 20-23%). The company's restructuring program, affecting 9,000-10,000 positions, has recorded €2.8B in expenses for the first nine months.
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