October 20, 2015 / 5:18 AM / 2 years ago

CORRECTED-SAP CEO says cloud business could beat 2015 targets

(Corrects operating profit figure in second paragraph to 1.62 billion euros, not 1.36 billion euros)

FRANKFURT, Oct 20 (Reuters) - Europe’s biggest software company SAP on Tuesday confirmed its strong third-quarter results and said its newer Internet-based cloud business could top full-year targets in the fourth quarter, the software company’s most important period.

In a statement, SAP reported a 19-percent rise in third-quarter operating profit to 1.62 billion euros ($1.84 billion), confirming results it pre-announced last week.

“The reason why we didn’t raise the guidance is because it is an annual guidance (target) and the biggest part of the annual operating plan is still to be determined based on our fourth-quarter execution,” Chief Executive Bill McDermott said.

“We are feeling good. We certainly have a chance to outrun it and that is why we firmly reiterated,” he told journalists, referring to SAP’s target to increase cloud and software revenue by 8-10 percent in constant currencies during 2015.

$1 = 0.8828 euros Reporting by Harro ten Wolde and Eric Auchard; Editing by Maria Sheahan

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