SAP reported ‘mixed’ Q2 results, says Oppenheimer

Oppenheimer analyst Brian Schwartz keeps a Perform rating on SAP following the “mixed” Q2 results. SAP’s Q2 was marked by strong cash generation and increasingly confident commentary on the ability of its cloud platform to address its large customers’ artificial intelligence needs, the analyst tells investors in a research note. However, lower than expected Q2 cloud transactional revenue caused a modest reduction in the 2023 cloud revenue midpoint target, and the cloud business results fell short of investor expectations, the analyst tells investors in a research note.