SAP SE (NYSE:SAP) stock surged in premarket trading Friday after the German software company reported second-quarter results and highlighted continued strength in its cloud business, despite slightly missing Wall Street's U.S. dollar-based estimates.
Total revenue increased 9% year over year, or 11% at constant currencies, to 9.9 billion euros, while cloud revenue climbed 22%, or 24% at constant currencies.
The company said it expects growth to moderate later this year amid macroeconomic uncertainty.
In U.S. dollar terms, SAP reported earnings of $1.85 per share, below the analyst consensus estimate of $2.01, according to Benzinga Pro.
Revenue rose to $11.48 billion, narrowly missing the Street estimate of $11.49 billion and increasing from $10.24 billion a year earlier.
