SAP fourth-quarter profit holds up as cloud shift accelerates

FRANKFURT (Reuters) - German software maker SAP on Monday reported an accelerating shift by business customers to Internet-based cloud software as it eked out a 1 percent rise in operating profit for the fourth quarter, easing fears of further margin declines. SAP shares extended gains to 5 percent by 1552 GMT following the announcement, leading the European technology index 1.7 percent higher. Europe's largest software firm reported operating profit, excluding special items, of 2.13 billio