Dow Jones Newswires: SAP shares rise after upbeat results

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Shares of SAP SE rose in early trade Friday after the company reported higher-than-expected third-quarter results after close of trading Thursday.

The German business-software giant SAP, -0.69% SAP, +7.44%  said that total revenue increased 13%, with its cloud division performing particularly well with the topline increasing 37%.

Per-share earnings for the quarter came to 1.04 euros ($1.14), beating analysts’ expectations of 82 European cents a share.

Analysts at Citibank expected the market to react positively to the results, as the company was able to perform well despite wider economic headwinds.

On Thursday, SAP said Chief Executive Bill McDermott was stepping down immediately, to be replaced by Jennifer Morgan and Christian Klein as co-CEOs.