This morning SAP pre-announced Q3 15 results with revenues globally in line with our forecasts and the consensus’ average, while the non-IFRS operating profit was up 7% above the consensus’ average and 9% ahead of our forecast. This outstanding performance was essentially driven by mature markets, while the profitability of cloud offerings is improving. Finally, SAP acquired Multiposting, a small specialist of e-recruitment solutions. Following a 7% decline over the last 3 months, we expect the share price to react positively on the back of this announcement.
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