U.S. shares of SAP SE SAP rose in the extended session Tuesday after the enterprise software company said strong momentum in its cloud computing segment is allowing it to raise its outlook for the year. American depositary receipts of Germany-based SAP rose 2.2% after hours, following a 0.4% decline to close the regular session at $134.63. The company said that cloud services revenue rose 20% in the third quarter to 2.39 billion euros, raising total revenue to 6.84 billion euros. As a result, SAP now expects cloud revenue for the year of 9.4 billion to 9.6 billion euros, up from its previous forecast range of 9.3 billion to 9.5 billion. Cloud and software revenue for the year is now expected to be 23.8 billion to 24.2 billion euros, up from a previous forecast of 23.6 billion to 24 billion euros.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
