European IT Leader with Office in Sofia Reported Revenues of EUR 6.1 Billion for the First Quarter

German software maker SAP has raised its forecast for the growth of its operating profit for the current year due to expected better results after the launch of the large-scale restructuring program for its business.

The company's goal is to increase its presence in the cloud service segment. The company reported a 26% increase in this division for the first quarter of 2019. Its total sales amounted to 6.1 billion euros.

The SAP leaders also state that they are due to evaluate the multi-annual share buy-back program and focus on the acquisition opportunities.

Chief Executive Officer Bill McDermott has high hopes for cloud services, with the company spending more than $ 10 billion last year to acquire two companies operating in this segment.

A few weeks ago, SAP, which has an office in Bulgaria, said it aims to reach market capitalization between $ 250 billion and $ 300 billion by 2023. That's what Bill McDermott told German media.

He commented that as of 2010 when he took office, the company's capitalization rose from 45 billion to 140 billion euros.

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