: SAP U.S. stock drops more than 20% on cut outlook

/ / News

U.S. shares of SAP SE SAP opened more than 20% lower Monday after the German business software company cut its outlook due to prolonged work-from-home measures from COVID-19. American depositary receipts of SAP were last down 23% at $115.25 following a close of $149.68 on Friday. On Sunday, SAP cut its profit and sales outlook as a weaker-than-expected recovery in business travel has hurt its Concur expense management service. Also, because of its move to cloud-based services, SAP said it expects “software licenses revenue to continue to trend lower from 2020 levels.”
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.