SAP shares up 4.4% in early trade after raised cloud business outlook

Shares in SAP were up 4.4% in Lang & Schwarz pre-market trade on Tuesday after the German software company raised full-year targets on strong cloud business in the third quarter. Cloud revenue grew 27%, adjusted for currency effects, to 4.35 billion euros ($4.71 billion) in the third quarter, boosted by Cloud ERP Suite resource planning programme sales, which increased by 36%. Artificial intelligence was a key growth driver, according to CEO Christian Klein.