SAP sees profit beating estimates following cloud gains and job cuts

In Ireland, SAP employed more than 2,300 workers before announcing a 2.5% reduction in its global headcount in January

Sales at SAP’s cloud business, its largest, rose to €3.18bn in the period, compared to analysts’ €3.22bn average estimate.

SAP, Europe’s biggest software company, forecast operating profit for the year that was ahead of analysts’ estimates after it announced job cuts and plans to refocus the company on its faster-growing cloud business.

Operating profit will be €8.6bn to €8.9bn for the year, the Walldorf, Germany-based technology company said in a statement on Friday. That’s ahead of analysts’ €8.49bn estimate, according to the average in a Bloomberg survey.