- Sap AG
- 23 July 2025 10:36:14
Source: Sharecast
In an earnings call with analysts, the company said that public-sector clients in the US and manufacturing firms exposed to higher tariffs were showing caution in regards to cloud investments.
Total revenues were up 9% year-on-year at €9.03bn, under the €9.09bn expected by the market, with a 24% jump in cloud revenues to €5.13bn not enough to meet the €5.18bn pencilled in by analysts.
However, operating profits more than doubled to €2.46bn from €1.22bn the year before, ahead of the €2.43bn consensus forecast.
SAP reiterated its guidance for 2025, forecasting 26-28% constant-currency growth in cloud revenues to €21.6bn-21.9bn and operating profit growth of 26-30% to €10.3bn-10.6bn.
“As we move into the second half, we remain cautiously optimistic, keeping a close eye on geopolitical developments and public sector trends,” said chief financial officer Dominik Asam.
The stock was down 3.1% at €251.50 by 1103 CEST.