By Dhirendra Tripathi
Investing.com – SAP (NYSE: SAP ) shares rose 1.5% Wednesday a day after the Germany-based enterprise software maker raised its outlook for the first quarter of 2021 as well as for the full year.
It credited strong growth in its cloud business for the optimism. SAP’s first quarter 2021 statement will be published on April 22.
The company revised its 2021 forecast for non-IFRS cloud revenue to €9.2 billion to €9.5 billion ($10.96 billion to $11.32 billion) at constant currencies (2020: €8.09 billion, €1=$1.2), up 14% to 18%. The previous range was €9.1 billion to €9.5 billion.
The stock has underperformed after lowering long-term guidance in October.
Last week, CNBC reported that Google parent Alphabet (NASDAQ: GOOGL ) plans to migrate its internal financial software to SAP from Oracle (NYSE: ORCL ) in the next few weeks. There’s no indication that it’s moving other systems off Oracle. Alphabet is yet to confirm the development.
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