The software maker's shares climbed 4.2% to $59.10 after the company announced its best-ever second-quarter performance. In particular, SAP highlighted robust software revenue growth which climbed 26% year-over-year to reach €1.06 billion. The software revenue number came in at the high end of SAP's guidance.
"Our record performance speaks for itself," explained Bill McDermott and Jim Hagemann Snabe, SAP's co-CEOs, in a statement released before market open. "We delivered double-digit growth in all regions driven by strong momentum from the core as well as SAP HANA, mobile and the cloud."
The German company touts its SAP HANA technology for applications and analytics functions such as handling big data, or the management of vast quantities of unstructured data.SAP's preliminary results also lifted shares of rival Oracle (ORCL), which rose 0.79% to $29.46 before market open. Groupon (GRPN), which hit an all-time low of $7.72 on Wednesday, was starting out a loser on Thursday as well, falling 1.29% to $7.67. Shares of the daily deals site closed down 6.5% on Wednesday after Citi Research analyst Mark Mahaney cut his price target to $19 from $22, citing an adjusted gross margin forecast. Netflix (NFLX) slipped 0.29% to $81.40 on Thursday, as investors retreated from their recent bullishness on the stock. Shares of the DVD-by-mail and streaming business climbed 1.76% on strong technicals on Wednesday. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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