- German software giant SAP on Sunday downgraded its outlook for 2020, saying a resurgence in coronavirus cases would weigh on demand from “hard-hit” customers.
- In an ad hoc release, SAP said group revenues fell four percent year-on-year in the third quarter to 6.5 billion euros ($7.7 billion)—measured using non-IFRS standards, which exclude some costs.
- The group now expects full-year revenue of between 27.2 and 27.8 billion euros, compared with an earlier estimate of 27.8 to 28.5 billion.
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FRANKFURT — German software giant SAP on Sunday downgraded its outlook for 2020, saying a resurgence in coronavirus cases would weigh on demand from “hard-hit” customers.
The Walldorf-based group, which offers both traditional software and cloud computing services, where companies pay a subscription fee to store their data on remote servers, said it had benefitted from firms doing more work online.
But at the same time, SAP said its customers, “particularly those in hard-hit industries, continue to be impacted by the economic consequences of the Covid-19 pandemic”.
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