(CercleFinance.com) – SAP, the European leader in software, announced Friday a first quarter operating profit lower than expected, a poor performance which weighed on its share price in Frankfurt.
Excluding exceptional items, the German group’s operating profit fell 7% in the quarter, at constant exchange rates, reaching 1.68 billion euros where analysts had expected an average of 1.75 billion euros.
Operating profit calculated according to IFRS standards is up 10% to 1.05 billion euros.
Turnover increased by 11% to 7.1 billion euros, including growth of 7% at constant exchange rates, above the consensus of 6.9 billion dollars.
The German group notably benefited from an acceleration of its activity in the ‘cloud’, whose turnover rose by 25% in the first quarter at constant exchange rates.
Despite the impact of the war in Ukraine, SAP reaffirmed all of its forecasts for the full year, both in terms of revenue and non-IFRS operating profit.
On the Frankfurt Stock Exchange, the SAP share accentuated its losses after all these announcements and yielded 3.4% around 9:45 a.m.
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