(fxcue news) - Shares of SAP AG were gaining around 5 percent in the morning trading in Germany as well as in pre-market activity on the NYSE after the German software major raised its fiscal 2024 outlook for operating profit and cloud and software revenue after reporting higher third-quarter results. Dominik Asam, CFO, said, "The 2024 transformation program has already started to yield efficiency improvements. This allowed us to deliver a strong operating profit and free cash flow, while retaining our topline momentum. We're now focused on carrying that momentum into Q4 to safeguard the achievement of our 2025 ambition amidst a highly volatile environment." For fiscal 2024, the company now projects non-IFRS operating profit of 7.8 billion euros to 8.0 billion euros, up 20 percent to 23 percent at constant currencies from last year's 6.51 billion euros. The previous range was 7.6 billion euros to 7.9 billion euros at constant currencies. The company now projects 29.5 billion euros to 29.8 billion euros cloud and software revenue at constant currencies, up 10 percent to 11 percent at constant currencies from prior year's 26.92 billion euros, raising the midpoint by 400 million euros. The previous range was 29.0 billion euros to 29.5 billion euros at constant currencies. Further, SAP continues to expect 17.0 billion euros to 17.3 billion euros cloud revenue at constant currencies, up 24 percent to 27 percent from last year at constant currencies. In its third quarter, SAP's earnings grew 13 percent to 1.441 billion euros from last year's 1.272 billion euros. Earnings per share were 1.25 euros, up 15 percent from 1.09 euros a year ago. Adjusted earnings were 1.437 billion euros, compared to 1.352 billion euros last year. Adjusted earnings per share were 1.23 euros, compared to 1.16 euros in the prior year. IFRS operating profit in the third quarter was up 29 percent to 2.21 billion euros. Non-IFRS operating profit was up 27 percent to 2.24 billion euros, mainly driven by strong revenue growth as well as disciplined execution of the 2024 transformation program. The company's revenue for the quarter rose 9.4 percent to 8.47 billion euros from 7.74 billion euros last year. Cloud revenue climbed 25 percent year-over-year to 4.35 billion euros, and Cloud and software revenue grew 11 percent to 7.43 billion euros. Current cloud backlog was 15.4 billion euros, up 25 percent and up 29 percent at constant currencies In Germany, SAP shares were trading at 220.90 euros, up 4.81 percent. In pre-market activity on the NYSE, the shares were at $239.99, up 4.6 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. https://www.rttnews.com/list/earnings.aspx