Business software manufacturer SAP on Friday announced first-quarter earnings that beat analysts’ estimates thanks to growth in its cloud business, but the sale of its Qualtrics division caused it to cut its outlook for the year.
No further restructuring is anticipated for SAP this year, and the company still intends to integrate artificial intelligence technologies like generative AI in its products. SAP previously revealed plans to shed 3,000 workers as it sought to reduce expenses.
Big technology businesses have been upset by the current economic climate, yet SAP was able to increase its sales in the first quarter by 10% to 7.44 billion euros ($8.2 billion), exceeding the consensus estimate issued by the company.
It claimed to be collaborating with the ChatGPT chatbot from OpenAI, which receives funding from Microsoft Corp.
Business software manufacturer SAP on Friday announced first-quarter earnings that beat analysts’ estimates thanks to growth in its cloud business, but the sale of its Qualtrics division caused it to cut its outlook for the year.
No further restructuring is anticipated for SAP this year, and the company still intends to integrate artificial intelligence technologies like generative AI in its products. SAP previously revealed plans to shed 3,000 workers as it sought to reduce expenses.
Big technology businesses have been upset by the current economic climate, yet SAP was able to increase its sales in the first quarter by 10% to 7.44 billion euros ($8.2 billion), exceeding the consensus estimate issued by the company.
It claimed to be collaborating with the ChatGPT chatbot from OpenAI, which receives funding from Microsoft Corp.
According to a client note from Jefferies analysts, “underlying guidance is essentially unchanged, although updated to reflect the disposal of Qualtrics.”
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