SAP reported a revenue increase in Q1 2024, with cloud revenue up 24% year-on-year, aligning with plans to transition on-premises users to cloud infrastructure.
Despite reporting an operating loss due to share-based compensation expenses, SAP highlighted higher margins and promising cloud deals, leading to a rise in shares post-announcement.
CEO Christian Klein emphasized the importance of high-margin services like RISE with SAP, prioritizing holistic transformation for customers transitioning to the cloud.
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