BERLIN (Reuters) -Shares in German software maker SAP were seen opening 1.6% lower on Wednesday after the company reported a second quarter boosted by strong cloud demand and cost cuts but held off on increasing full-year targets.
SAP reported an 83% year-on-year jump in its free cash flow, used to measure dividends to investors, to 2.36 billion euros ($2.77 billion), exceeding market expectations by about a billion.
“As we move into the second half, we remain cautiously optimistic, keeping a close eye on geopolitical developments and public sector trends,” finance chief Dominik Asam said upon releasing the quarterly results late on Tuesday.
SAP maintained its annual guidance, despite hopes from some investors for an upward revision of its profit target.
($1 = 0.8523 euros)
(Reporting by Hakan Ersen and Rachel More, editing by Thomas Seythal)
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