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SAP’s Q2 cloud revenue rises 22% to €6.28 billion as 2026 profit outlook is trimmed

AI Market Summary
SAP's Q2 cloud revenue rose 22% to €6.28bn and backlog grew 26%, easing fears that AI could erode its subscription model and driving a sharp stock rebound. However, operating profit missed expectations and SAP cut its 2026 profit outlook to €11.8–12.2bn, reflecting acquisition-related costs and heavier AI investment. Near-term, the results support cloud demand but highlight margin and execution risks.
Impact level
● Medium
Affected assets
NCSKSAP2USD/USDT+2.27%
AI Insight · NCSKSAP2USD/USDTAI Insight
● Neutral
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SAP reported second-quarter 2024 cloud revenue of €6.28 billion, up 22% year on year, while its cloud backlog rose 26%. Operating profit came in at €2.74 billion, up 7% but below expectations, and the company cut its 2026 full-year profit outlook to €11.8–12.2 billion. The results sent SAP shares up more than 6% in intraday trading in Frankfurt, though the stock is down about 35% for the year, reflecting continued concerns over the durability of its business model in the AI era.
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