By Michael Dabaie

SAP SE (SAP) American depositary receipts rose 8.4% to $124.92 premarket.

The German enterprise application software company said Bill McDermott is stepping down as chief executive and executive board members Jennifer Morgan and Christian Klein have been named co-CEOs.

SAP reported preliminary third quarter revenue of 6.79 billion euros, up from EUR6.02 billion in the year-ago period. New cloud bookings were up 38% and up 50% excluding Infrastructure-as-a-Service. Software license revenue fell 1%, SAP said.

Cloud revenue grew 37% on year to EUR1.79 billion, the company said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

October 11, 2019 08:29 ET (12:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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