SAP raises 2014 revenue outlook for cloud services

FRANKFURT, July 17 Thu Jul 17, 2014 1:11am EDT

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FRANKFURT, July 17 (Reuters) - German business software maker SAP raised its 2014 outlook for its web-based software services as its customers switch to these so-called cloud-based products more quickly than expected to save money.

The company now expects revenue from cloud subscriptions and support revenue to come in at between 1 billion euros ($1.35 billion) and 1.05 billion at constant currencies this year, up from a previous outlook for 950 million to 1 billion euros.

SAP reported a 4 percent rise in second-quarter operating profit, excluding some special items, to 1.24 billion euros. That was slightly below the average forecast of 1.26 billion euros in a Reuters poll.

SAP said it still saw full-year operating profit of between 5.8 billion euros and 6 billion euros, up from 5.51 billion last year.

($1 = 0.7395 Euros) (Reporting by Harro ten Wolde; Editing by Maria Sheahan)

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