FRANKFURT, April 21 (Xinhua) -- Business software maker SAP's shares soared on Friday, after it unveiled its financial results for the first quarter.
Its shares closed at 5.09 percent on the German Stock Exchange, topping the list of risers on Friday.
The company reported a year-on-year increase of 10 percent of total revenue, standing at 7.441 billion euros (8.185 billion U.S. dollars).
"We have entered a powerful new phase in our strategic transformation, with topline and bottom-line results clearly demonstrating the tipping point we passed in the fourth quarter of 2022. Our cloud momentum continues at a fast pace, which is contributing to our strong revenue and double-digit non-IFRS operating profit growth this quarter," said Christian Klein, CEO of SAP.
By non-International Financial Reporting Standards (IFRS), SAP posted an increase of 12 percent of operating profit for the first quarter, compared with the same period last year.
Measured by IFRS, the operating profit shrank by 45 percent to 803 million euros, according to figures published by the company.
Meanwhile, cloud business thrived in the first quarter, with revenue going up by 24 percent to 3.18 billion euros.
The company has been refocusing its operation on cloud business since Klein became CEO of the company in 2020.
Looking ahead, the company said that it expects operating profit to be between 8.6 billion and 8.9 billion euros for the whole year.
