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Software giant SAP upgrades outlook as CFO says DeepSeek is ‘good news’

DeepSeek is very good news for us, says SAP CFO

German tech titan SAP on Tuesday upgraded its financial outlook for the full year as artificial cloud computing and artificial intelligence operations kindled growth.

Europe’s largest software maker now expects operating profit on a constant currency basis in 2025 to be between 10.3 billion euros ($10.7 billion) to 10.6 billion euros, up from a erstwhile target of 10.2 billion euros. The firm also expects an acceleration in cloud revenue growth.

Adjusted functioning profit rose 25% to 8.15 billion euros in 2024, above the 22% increase flagged in a company-compiled analyst canvass.

Revenue from the firm’s core cloud and software businesses rose 11% for the period, also slightly in advance of consensus estimates.

CFO Dominik Asam told CNBC’s “Squawk Box Europe” on Tuesday that the company is running “awfully much according to plan,” as this year’s outperformance already ticks all the boxes of their 2025 “ambition” foresee set out in October 2020.

“We have all reasons to be optimistic on executing on these targets,” Asam added.

Analysts at JPMorgan said the upgrade was at the of expectations. Shares of the firm hovered around the flatline in the morning and was last trading down 0.9%.

DeepSeek is ‘very profitable news’

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