From CNBC: 2024-10-22 08:11:13

SAP Co-CEO Christian Klein reported strong financial results for 2019, despite heavy restructuring costs. Klein urged Europe to focus on AI results rather than overregulation to compete with the U.S. and China. SAP’s stock soared after posting a 9% revenue increase in Q3 and raising its 2024 outlook for cloud revenue.

In an effort to remain competitive globally, SAP has transitioned to cloud computing, with a focus on AI. The company’s recent restructuring plan affected over 7% of its workforce, but it has continued to invest in innovation. SAP’s push for a pan-European approach to digital transformation and less regulation aims to foster a more competitive landscape for European startups.

Read more: SAP CEO urges Europe not to regulate AI, says will put region behind