SAP Increases Outlook on Cost Cuts and Growth in Cloud Computing
- Elliott Management discloses new 1.2 billion euro stake
- CEO McDermott will brief investors on strategy in November
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SAP SE raised its annual profit forecast on growth in the cloud business, while the activist Elliott Management revealed a stake and endorsed the German software company’s change of direction.
Walldorf-based SAP reported a 26 percent increase in new cloud bookings for the first quarter at constant currencies, an acceleration from the October-December period. Separately, Elliott disclosed a stake of 1.2 billion euros ($1.3 billion) and said the stock has been “consistently undervalued” relative to its revenue growth.