SAP Raises Sales Forecast on Acquisition, New Cloud Bookings

SAP SE increased its sales outlook for the year to reflect a major acquisition and an accelerating cloud business, as Europe’s biggest software company benefited from increased global IT spending. New cloud bookings, a keenly watched metric because it indicates future sales growth, grew 25 percent at constant currencies in the first quarter, the Walldorf, Germany-based company said Tuesday.

SAP generated sales of 5.26 billion euros ($6.4 billion) in the period, missing the 5.31 billion euro average estimate by analysts. Source