SAP Q2 results top estimates as ongoing cloud demand boosts revenue

Investing.com -- SAP reported Monday fiscal second-quarter results that topped Wall Street estimates as its cloud business was boosted by growing enterprise demand for its artificial intelligence offering.   

SAP SE ADR (NYSE:SAP) rose nearly 5% in aftermarket hours trading following the results.

For the three months ended Jun. 30, SAP reported adjusted earnings of €1.10 per share on revenue of €8.29B, compared with estimates for €1.09 on revenue of €8.26B.

The beat was fueled by cloud growth momentum, which "remained strong in Q2, with Business AI enabling many deals," the company said.

Cloud and software revenue jumped 10% to €7.17B in Q2 year on year and the software maker continues to win new business, boosting its current backlog.   

Current cloud backlog jumped to 28% to €14.8B.

Looking ahead, the tech company reiterated its outlook for the full-year, forecasting adjusted operating profit between €7.6B and €7.9B on cloud revenue in a range of €17.0B to €17.3B.