Investing.com -- SAP raised its full-year guidance Monday after fiscal third-quarter results beat analyst expectations on both the top and bottom lines, driven by jump in cloud revenue.

SAP raises its 2024 outlook adjusted operating profit to between €7.8 billion and €8.0B, up from prior guidance of €7.6B to €7.9B. The stronger guidance was supported by expectations for larger cloud and software revenue.

The company now sees cloud and software revenue in a range of €29.5B to €29.8B up 10% to 11% from a year earlier and up from a prior forecast range of €29.0B to €29.5B.

SAP SE ADR (NYSE:SAP) rose more than 3% in afterhours trading following the results.

For the three months ended Sept. 30, SAP reported adjusted earnings of €1.23 per share on revenue of €8.47B, beating the consensus estimates of €1.06 per share and €8.63B, respectively.

Cloud revenue jumped 25% to €4.35B in Q3 year on year.

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