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SAP (XTRA: SAP) 2Q19 Results: Misses Consensus Estimates, Cloud Growth Remains Robust, Maintains Guidance

Executive Summary

  • SAP reported adjusted 1Q19 revenues of €6.66 billion, up 10.7% year over year and missing the €6.71 billion consensus estimate. Adjusted EPS was €1.09, up 11.1% and missing the €1.11 consensus estimate.
  • Customer and experience management was the fastest-growing segment, with adjusted revenues growing 81%.
  • SAP reiterated its guidance for 2019 and 2020, and its 2023 goal (called “ambition”).

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