0820 GMT - SAP's current cloud backlog growth was better than expected in the third quarter as artificial intelligence likely acted as a key accelerator, Berenberg's Nay Soe Naing writes in a note to clients. The German business-software group's current cloud backlog--a closely watched measure of sales the group expects over the coming year based on existing contracts--grew 26% on year at constant currencies, above consensus of 24.6%. "AI features are creating a strong incentive for customers to migrate to the cloud, while AI automation tools are simultaneously reducing migration complexity for clients," the analyst says. SAP shares trade 1.3% lower at 205.90 euros.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments