SAP SE (SAP) Misses Q4 EPS by 33c; offers outlook for 2024-25

SAP SE (NYSE: SAP) reported Q4 EPS of EUR1.41, EUR0.33 worse than the analyst estimate of EUR1.74. Revenue for the quarter came in at EUR8.47 billion versus the consensus estimate of EUR9 billion.

OUTLOOK

For 2024, SAP expects:

€17.0 – 17.3 billion cloud revenue at constant currencies (2023: €13.66 billion), up 24% to 27% at constant currencies.
€29.0 – 29.5 billion cloud and software revenue at constant currencies (2023: €26.93 billion), up 8% to 10% at constant currencies.
€7.6 – 7.9 billion non-IFRS operating profit at constant currencies (2023: €6.51 billion based on updated non-IFRS operating profit definition), up 17% to 21% at constant currencies.

By 2025, SAP now expects:

Non-IFRS cloud gross profit of approximately €16.2 billion, now including share-based compensation expenses of approximately €0.1 billion (previously: approximately €16.3 billion, excluding share-based compensation expenses).
Non-IFRS operating profit of approximately €10.0 billion, now including share-based compensation expenses of approximately €2 billion (previously: approximately €11.5 billion, excluding share-based compensation expenses).

SAP continues to expect:

Cloud revenue of more than €21.5 billion.
Total revenue of more than €37.5 billion.
A share of more predictable revenue of approximately 86%.

The 2025 ambition is based on an exchange rate of 1.10 USD per EUR.

For earnings history and earnings-related data on SAP SE (SAP) click here.

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