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SAP Increases Outlook on Cost Cuts and Growth in Cloud Computing
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SAP Increases Outlook on Cost Cuts and Growth in Cloud Computing
SAP also said Wednesday that it’s planning “new initiatives to accelerate operational excellence and value creation” and will brief investors and analysts on those plans during a special capital markets day in November. The company will evaluate a multi-year share buyback program and focus on “tuck-in” acquisitions. Chief Executive Officer Bill McDermott is betting big on the cloud business as a source of future sales growth, and has spent more than $10 billion on U.S. cloud startups Qualtrics International Inc. and Callidus Software Inc. to better compete with Salesforce.com Inc. and Oracle Corp.
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