SAP ADRs (SAP) - Get Report rose in after-hours trading Thursday after the software and cloud services company pre-announced financial results, reiterated its guidance for the year and said its CEO is stepping down.
ADRs rose $6.70, or 5.8%, to $122 in after-hours trading.
The company said cloud services revenue surged 38% in the latest quarter, helped by a large deal with a "major partner" that accounted for 17 percentage points of the gain.
The company also reiterated its previously released guidance for the full year and said it expects "total revenues to increase strongly, at a rate lower than operating profit."
The company said its CEO, Bill McDermott, is stepping down effective immediately. Two board members, Jennifer Morgan and Christian Klein, were appointed co-CEOs.