SAP goes all in on cloud, scraps mid-term margin goals
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SAP SE (SAP) Shares Collapse 20% Following Disappointing Results and Outlook, Forcing Two Analyst Downgrades
October 26, 2020 8:15 AM EDTShares of SAP (NYSE: SAP) fell about 20% in European trading today as investors punished the stock for a profit miss and lower guidance. The company warned that lockdowns have been recently re-introduced in some regions and demand recovery has been more muted than expected. The results prompted analysts from at least two firms to downgrade shares.
SAP management has given up on its medium-term profitability targets in order to accelerate its shift towards cloud computing.
For the third quarter to end-September, SAP missed Q3 revenues and operating... More
