Executive Summary

• SAP reported 1Q19 revenues of €6.12 billion, up 16.3% year over year and beating the €5.95 billion consensus estimate. Adjusted EPS was €0.90, up 24.4% and beating the €0.83 consensus estimate.
• Cloud subscriptions and support was the fastest-growing segment, with adjusted revenues growing 48%.
• The company reiterated revenue guidance, raised its operating profit guidance for 2019 and 2020 and announced a 2023 goal of €35 billion in adjusted revenue.