SAP : A poor set of earnings, lending weight to our negative stance
>Commercial activity undermined by Asia and IaaS - SAP yesterday morning reported Q2 2019 sales of € 6.66bn, up +8.0% on constant currencies. Excluding Qualtrics, organic growth came in, by our estimates, at around +6%, i.e. well short of our expectations (ODDO BHF: +8% in organic terms) and a much slower pace than Q1 (+9.4% y-o-y in organic terms). This poor performance was mainly driven by licensing sales, which came in -6% y-o-y organically (ODDO BHF: -2%). Managem...SAP is engaged in selling licenses for software solutions and related support services. Co. derives its revenue from fees charged to its customers for the use of its cloud solutions and for licensing of on-premise software products and solutions. Additional sources of revenue are support, professional services, development, training, and other services. Co. has more than 300,000 customers in over 180 countries. Co.'s SAP HANA platform holds the ability to simplify both the user experience and the overall IT landscape, creating a smaller data footprint, increased system throughput, and easier data processing and operation.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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