SAP posts higher revenue, but lowers annual forecast as Russia’s war in Ukraine harms profit

SAP posts higher revenue, but lowers annual forecast as Russia’s war in Ukraine harms profit

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SAP SE on Thursday posted higher revenue for the second quarter as its cloud business continued to grow, but the war in Ukraine harmed operating profit, prompting the German business-software giant to lower its forecast for the year.

Reporting on a non-IFRS basis, SAP SAP XE:SAP said operating profit slipped to 1.68 billion euros ($1.71 billion) from EUR1.92 billion, with its operating margin down to 22.4% from 28.8%. Analysts polled by FactSet had forecast operating profit of EUR1.74 billion.

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