Shares of enterprise software products and solutions provider SAP (NYSE:SAP) are ticking upward today after the company announced first-quarter numbers.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Revenue rose 9.9% year-over-year to €7.44 billion, outperforming expectations by €50 million. EPS at $1.39 too came in ahead of expectations by $0.19. During the quarter, Cloud revenue surged by 24% with S/4HANA cloud revenue rising by 77%. Further, the Current cloud backlog rose by 25% to €11.15 billion.
Looking ahead, for the full-year 2023, SAP expects Cloud and Software revenue to land between €26.9 billion and €27.4 billion. Additionally, the company expects to generate €4.9 billion in free cash flow for the period.
Overall, the Street has a $142.83 consensus price target on SAP, pointing to a 12.6% potential upside in the stock. That’s on top of a 19.4% gain in the share price over the past year.
Read full Disclosure
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue