SAP shares dive as software company cuts outlook
The drop in shares wipes €28bn off SAP’s market value
Berlin — SAP shares dropped as much as 21% on Monday, the biggest intraday fall since 1999, after the software company cut its revenue forecast for the full year and said it expects a fresh wave of lockdowns to hurt demand through the first half of 2021.
In a test for Christian Klein, who became sole CEO in April, the pandemic will delay SAP’s goals for cloud revenue, overall sales and operating profit by one or two years, especially in hard-hit industries such as business travel, the Walldorf, Germany-based company said in a statement on Sunday. The drop in shares on Monday wiped €28bn off SAP’s market value...
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