MILAN, Jan 29 (Reuters) – Shares in Europe’s largest software maker SAP were set for their steepest daily fall since October 2020 on Thursday, down over 10% after results failed to stem a slide that has wiped around $150 billion off its market value from its 2025 peak.
The German group reported fourth-quarter revenue that met market estimates, though its cloud backlog and 2026 cloud revenue forecast missed expectations.
“SAP needed an all-round acceleration to fight the trough sector sentiment, and with puts and takes in the update we see shares underperforming,” said Citi analyst Balajee Tirupati.
Like other software makers in Europe and on Wall Street, SAP has been dragged by growing fears of AI disruption.
By 0852 GMT, the stock was down 11% after earlier hitting its lowest level since June 2024.
(Reporting by Danilo Masoni, editing by Alun John)
