Shares of the company rose as much as 5.8% in Frankfurt on Tuesday, the most since July 23.
SAP SE’s shares rose the most since July as cloud revenue soared at Europe’s biggest software company, which is transitioning customers away from locally run systems with the promise of artificial-intelligence tools and analytics.
Cloud revenue rose 25% in the third quarter from a year earlier to €4.35 billion ($4.7 billion), the Walldorf, Germany-based company said in a statement on Monday, roughly in line with analysts’ estimates. The firm’s cloud backlog, which reflects sales that will be booked over the next twelve months, gained 25% to €15.4 billion.
