SAP nudges up 2021 revenue outlook after cloud gains in first quarter

FILE PHOTO: The logo of German software group SAP is pictured at the headquarters of SAP (Schweiz) AG in Regensdorf, Switzerland January 22, 2021. Picture taken January 22, 2021. REUTERS/Arnd Wiegmann

BERLIN (Reuters) - German software group SAP on Tuesday nudged its outlook for 2021 revenue higher after reporting first-quarter results showing gains in cloud sales following the launch of a new business transformation initiative.

SAP said it now expected cloud and software revenue this year of 23.4-23.8 billion euros ($28-$28.4 billion) at constant currency, up by 100 million euros from prior guidance and a rise of 1%-2% year-on-year.