SAP's Cloud Forecast: Disappointment or Relief?
Update: 2025-10-23
Description
SAP's stock price whipsawed after a lukewarm cloud revenue forecast, initially rising on relief it wasn't worse before dipping. Despite the forecast landing at the lower end of expectations—€21.6 to €21.9 billion—analysts see positives in strong demand and a surging 27% cloud backlog, easing AI disruption fears. While SAP trails ASML and LVMH in market cap after briefly leading Europe, year-to-date shares are up, building on last year's 70% surge, suggesting continued investor confidence.
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