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SAP: stock dives on profit warning

( - The SAP share plunged nearly 17% in early trading on Monday as the German enterprise software developer reported quarterly performance that fell short of expectations, announcing a FY profit warning.

The Walldorf based group announced that its operating profit, excluding extraordinary items, fell by 1% to 2.07 billion euros in the third quarter, while the consensus was expecting 2.12 billion euros.

Its quarterly revenues also fell by 4% to 6.54 billion euros, once again below the consensus of 6.89 billion euros.

For the full-year, the specialist in cloud computing now says it expects revenue of 27.2-27.8 billion euros, compared with a previous forecast range of 27.8-28.5 billion euros.

Its annual operating profit should come in at between 8.1 billion and 8.5 billion euros, vs. 8.1-8.7 billion euros initially expected.

SAP also announced that it had abandoned its medium-term targets - notably to 2023 - recalling that its outlook was established last year, before the emergence of the coronavirus pandemic.

The share had dived 16.3% after one hour of trading, by far the sharpest faller in the DAX index, which itself was down over 2.2%.

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