SAP’s third-quarter results fell short of market expectations, with total revenue reaching €9.08 billion compared to forecasts of €9.17 billion. The company’s U.S.-listed shares dropped 3% in extended trading following the announcement.
Cloud revenue, which climbed 22%, marked SAP’s weakest growth in nearly a year. CFO Dominik Asam said the company continues to perform well despite global economic headwinds. SAP’s ongoing pivot toward cloud subscriptions has smoothed its revenue flow but temporarily slowed overall expansion.
Operating profit rose 14% to €2.57 billion, slightly exceeding analyst projections. For 2025, SAP expects cloud revenue to reach the lower end of its guidance (€21.6–21.9 billion), while operating profit should hit the upper end (€10.3–10.6 billion). The company also raised its free cash flow outlook to as much as €8.2 billion.
