SAP stock jumped as much as 3.1% in early trading in the stock market today and nearly surpassed an 18-month high of 81.21 touched on Dec. 29. In early afternoon trading, though, SAP stock had trimmed the gain to a little more than 2%, near 80.
SAP, which like all software vendors is migrating more customers to a cloud model, said preliminary non-IFRS operating profit gained 7% to 2.28 billion euros ($2.47 billion), although IFRS profit slipped 3% to 1.70 billion euros, on revenue up 16% to 6.35 billion euros, where Wall Street had expected 6.07 billion euros. SAP is scheduled to release final Q4 results on Jan. 22.
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