FRANKFURT: Germany's SAP announced upbeat results in the seasonally tough first quarter, saying it was gaining market share on its competitors in the cloud and its margin recovery was on track.SAP, Europe's largest tech company, also raised its sales and profits guidance for 2018 to take into account the $2.4 billion acquisition of U.S. sales software firm Callidus that was announced in January. "Our results demonstrate strong top line and bottom line results," Chief Executive Bill McDermott told reporters on a conference call. "We're gaining share fast and we're outpacing our toughest competitors pretty handily. At constant currencies they rose 31 percent, to which McDermott said: "Wow. "SAP has faced significant currency headwinds due to the strong euro and both the company and analysts focus on key metrics after adjustment for currency effects to get an underlying picture of performance.

Source: Economic Times April 24, 2018 05:15 UTC