SAP SE SAP shares are trading higher after the company reported its third-quarter financial results after Monday’s closing bell. Here’s a look at the details from the report. 

The Details: SAP reported adjusted earnings of $1.33 per share, beating the consensus estimate of $1.32. Quarterly revenue came in at $9.16 billion, slightly below the consensus estimate of $9.17 billion. 

• SAP reported a current cloud backlog of $16.66 billion, up 25% and up 29% at constant currencies.
• Cloud revenue was up 25% and up 27% at constant currencies.
• Cloud ERP Suite revenue was up 34% and up 36% at constant currencies.
• IFRS cloud gross profit was up 26%, non-IFRS cloud gross profit grew 27% and up 28% at constant currencies.
• IFRS operating profit grew 29%, non-IFRS operating profit was up 27% and up 28% at constant currencies.

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“Q3 was another strong quarter for SAP, and we are confidently raising our 2024 financial outlook. Cloud revenue growth developed remarkably well in the quarter, especially for our Cloud ERP Suite. Even more importantly, we are making strong progress on Business AI with groundbreaking innovations such as SAP Knowledge Graph. A significant part of our cloud deals in Q3 included AI use cases,” said Christian Klein, CEO of SAP.  

Outlook: SAP raised its fiscal 2024 outlook for cloud and software revenue, operating profit and free cash flow.  

SAP Price Action: According to Benzinga Pro, SAP shares are up 3.95% after-hours at $238.55 at the time of publication Monday.

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Photo: Courtesy of SAP SE ADS