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SAP CEO McDermott to depart; pre-announces Q3 results

Oct. 10, 2019 6:58 PM ETSAP SE (SAP) StockSAPBy: Carl Surran, SA News Editor11 Comments
  • SAP says Bill McDermott is stepping down as CEO after nine years running the company, and board members Jennifer Morgan and Christian Klein are co-CEOs, effective immediately.
  • The news coincides with the release of preliminary Q3 results that showed new cloud bookings rising 38% Y/Y (33% at constant currencies) and 50% when excluding Infrastructure-as-a-Service.
  • The company says a "cloud deal with a major partner" accounted for 17 percentage points of new Q3 cloud bookings, and it will start recognizing revenue from the three-year deal in Q4.
  • SAP says Q3 cloud revenue jumped 37% Y/Y to €1.79B IFRS, 37% non-IFRS and 33% (non-IFRS at constant currencies); cloud gross margin rose 5.9 percentage points Y/Y to 64.5% IFRS, 5.4 percentage points to 69.0% non-IFRS and 5.5 percentage points to 69.0% non-IFRS at constant currencies.
  • Q3 earnings per share increased 28% to €1.04 IFRS and 14% to €1.30 non-IFRS; operating profit rose 36% to €1.68B IFRS, 20% non-IFRS and 15% non-IFRS at constant currencies.
  • SAP +3.2% after-hours.

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