WALLDORF, Germany (Reuters) – SAP raised its revenue and profit outlook on Tuesday as new co-CEOs Jennifer Morgan and Christian Klein delivered a solid first set of quarterly results at the leading provider of business software.
SAP SE co-CEO Jennifer Morgan and co-CEO Christian Klein attend the company’s annual results press conference in Walldorf, Germany, January 28, 2020. REUTERS/Ralph Orlowski
Morgan and Klein took over in October from long-time CEO Bill McDermott, who in his final year in charge let go of 4% of SAP’s staff and launched a new long-term strategy focused on organic growth and improvements in efficiency.
That put the emphasis for the new leadership team on execution, in particular encouraging SAP’s customers to adopt its latest S/4HANA database and switch to subscription-based services hosted at remote datacenters.
“We are seeing a huge acceleration into the cloud,” Klein told reporters on a conference call.
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Source Reuters Tech News