Stock Track | SAP SE Soars 5.08% in Post-Market as Q2 Cloud Revenue and Backlog Growth Beat Expectations

Stock Track
Jul 24

SAP SE's stock surged 5.08% in post-market trading on Friday, as investors cheered the company's second-quarter earnings report, which highlighted accelerating cloud business momentum and a record cloud backlog.

The German enterprise software giant reported total revenue of €9.88 billion, slightly above analyst estimates, while cloud revenue jumped 22% year-over-year to €6.28 billion, or 24% on a constant currency basis. The current cloud backlog — a key indicator of future revenue — soared 27% to €22.9 billion, signaling strong ongoing demand for its cloud ERP suite and easing concerns about the impact of AI tools on traditional software vendors.

Although non-IFRS earnings per share of €1.59 missed the consensus forecast of €1.75, the top-line beat and robust cloud metrics overshadowed the profit shortfall. The positive reaction also followed a period of heavy selling pressure, with multiple analysts cutting price targets ahead of the report. CEO Christian Klein emphasized that customers are choosing SAP for “accurate and compliant AI outcomes” grounded in business-critical data, reinforcing the company's position as an AI enabler rather than a victim of disruption.

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