Re: Que notícia bomb´ástica haverá com a SAP?
Enviado: 26/4/2019 1:30What happened with SAP this quarter?
Cloud computing is the core of SAP's operations these days. Order bookings for SAP's cloud services grew 26% in constant currencies. The company collected $1.37 billion of cloud-based revenues in this quarter, a 37% year-over-year increase. Software license sales rose a mere 4%. Recurring revenues, such as subscription fees for cloud services, accounted for 72% of total sales. The recent $8 billion acquisition of cloud computing start-up Qualtrics played into these growth rates.
The company's bottom-line earnings were hit hard by a $777 million restructuring charge and other one-time costs. Adjusted earnings, which back out these unusual line items, rose 24% to $0.79 per share.
Separately, SAP started a comprehensive strategic review. A special board committee was appointed to find areas for improvement as SAP seeks to "accelerate operational excellence across all functional areas of SAP with a focus on growth, innovation and efficiency." The results of this review should be available by November. SAP is not planning to kick off any further restructuring projects here, but that's why they play the game -- you just never know until the work has been done.
Activist investor firm Elliott Management also disclosed a $1.35 billion ownership stake in SAP. In that disclosure, the firm also said that they support SAP's operational review. In Elliott's view, SAP's stock is "clearly undervalued" against the company's dramatic revenue growth and the board is taking steps to unlock shareholder value here.
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