SAP Cuts 2020 Profit, Sales Outlook on Weaker Cloud Performance
26 October 2020 - 6:55AM
Dow Jones News
By William Boston
BERLIN -- SAP SE, the global business software company, cut its
profit and sales outlook for the year as the economic impact of the
COVID-19 pandemic hit its key businesses and new lockdowns and
restrictions forestall a meaningful recovery.
The weaker than expected recovery in business travel and related
services has hit SAP's cloud-based service business Concur, the
company said, adding that it "no longer anticipates a meaningful
recovery in SAP Concur business travel-related revenues for the
remainder of the year 2020."
SAP said in a statement that it now expects non-IFRS operating
profit of up to EUR8.5 billion, down from a previous estimate of up
to EUR8.7 billion. The company cut its revenue forecast to up to
EUR27.8 billion, down from a previous forecast of up to EUR28.5
billion.
(END) Dow Jones Newswires
October 25, 2020 15:40 ET (19:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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