SAP's cloud revenue jumps 20% as European software giant ramps up rivalry with Salesforce

SAP's third-quarter cloud revenue totalled $2.8 billion, up 20% from the same period a year ago.

"We pivoted this company to the cloud," SAP CEO Christian Klein told CNBC's "Squawk Box Europe" Thursday.

SAP last week raised its full-year outlook for the third time this year on the back of momentum in its cloud business. The firm confirmed those targets on Thursday, saying it expected cloud revenue to climb between 16% and 19% in 2021.

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