SAP (SAP) reported total revenue of €10.3 billion, up 12% year over year and the first time quarterly revenue exceeded €10 billion, with cloud revenue rising 25% at constant currency to €6.7 billion. Current cloud backlog grew 26% to €24.1 billion, and non-IFRS operating profit rose 18% to €3 billion. Business AI and Business Data Cloud were included in 90% of the 50 largest deals, and internal productivity in central functions rose 20% after deploying Joule Work Desktop. Management warned that political and macroeconomic uncertainty could weigh on fourth-quarter bookings and its 2027 trajectory, and said interest rates of 5% or higher are beginning to affect customer behavior.
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