SAP meets Q4 revenue forecasts, cloud demand resilient

SAP on Thursday reported fourth-quarter revenue that met market estimates, ‌as resilient demand for ‌its cloud software and services suggested enterprise spending held up despite a cooling global economy.

SAP also announced ‌a two-year buyback program worth up to 10 billion euros.

The Walldorf-based company has spent much of the past year racing to move its legacy database customers to the cloud while executing a 3.2-billion restructuring program. Major customers wins in the fourth quarter included Dexco, Lockheed Martin and Rolls-Royce.