SAP Stock Hits Record High as AI Expansion and Cloud Growth Drive Value
SAP's stock price has hit a record high of nearly 197 euros, reflecting the company's strong performance and growth prospects. The enterprise software giant has seen its share price surge by almost 40% this year and over 60% in the past 12 months on the stock market today.
SAP's impressive stock price increase comes amidst a significant expansion in its AI functions and a user base of 300 million. The company's cloud sales have also grown by 10% to 8.3 billion euros in the second quarter, marking the first double-digit increase since early 2019 on the stock market today.
To fuel this growth, SAP has announced plans to cut jobs, increasing the target from 8,000 to 10,000. This move aims to bring in more AI expertise and reduce long-term costs. Despite these cuts, SAP's market capitalization has soared to 240 billion euros, making it 100 billion more valuable than Siemens on the stock market today.
SAP's stock price record and robust financial performance demonstrate the company's confidence in its AI expansion and cloud growth. As it continues to invest in AI and streamline operations, SAP's value as a leading enterprise software provider continues to rise on the stock market today.
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