SAP shares rise 3% on jump in profits, raised 2021 outlook

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SAP
SAP,
+1.53%
shares were up 3% in extended trading Tuesday following preliminary first-quarter results. The German software giant reported revenue of 6.35 billion euros (about $7.6 billion), down 3% from 6.52 billion euros ($7.8 billion) in the same quarter a year ago. SAP reported a profit, after taxes, of 1.07 billion euros ($1.3 billion), up 32% from 810 million euros ($967.8 million) a year ago. “We are seeing very strong growth across all our applications” such as cloud and software licenses, SAP Chief Executive Christian Klein said in a statement. SAP raised its full-year 2021 outlook reflecting “strong new cloud business performance which is expected to reaccelerate cloud revenue growth.” Shares of SAP are up 3% so far this year. The broader S&P 500 index
SPX,
+0.33%
has increased 10% in 2021.

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