SAP rises 6% after Q1 results, gets set to embrace ChatGPT
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SAP (NYSE:SAP) shares rose nearly 6% on Friday after the European software maker reported mixed first-quarter results and its CEO said it would embrace ChatGPT in some of its products.
SAP's (SAP) Christian Klein told Reuters the company had been looking at ChatGPT "for quite a while" and had already built 50 use cases for artificial intelligence with its technology. 
Klein added that SAP (SAP) has worked to test against AI biases and potential misuse and that the products would be available to customers next month.
ChatGPT is produced by OpenAI, which is backed in part by billions of dollars from Microsoft (MSFT), an SAP competitor. 
For the first-quarter, SAP (SAP) earned â¬0.35 on â¬7.44B, compared to analysts' estimates of â¬1.12 and â¬7.39B. Included in that was a 24% year-over-year jump in cloud revenue, or 22% in constant currency.
The company added that its cloud backlog is up 25% in nominal and constant currencies.
Looking ahead, SAP (SAP) reaffirmed its outlook for continuing operations after it divested Qualtrics last month. It expects cloud revenue to be between â¬14B and â¬14.4B, up 23% year-over-year, with cloud and software revenue to be between â¬26.9B and â¬27.4B. 
For the full-year, it expects free cash flow to be approximately â¬4.9B.
In March, SAP (SAP) sold all of its 423M shares in Qualtrics to funds affiliated with Silver Lake and the Canada Pension Plan Investment Board.