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SAP Profit Warning Sends Shares Plummeting

SAP Profit Warning Sends Shares Plummeting

BERLIN—SAP SE shares plunged nearly 20% Monday after Europe’s biggest tech company by sales scrapped its profit targets for the year and said measures

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BERLIN—SAP SE shares plunged nearly 20% Monday after Europe’s biggest tech company by sales scrapped its profit targets for the year and said measures to thwart a rebound in coronavirus infections would weigh on business through the middle of next year.

The biggest intraday drop for SAP shares in 21 years wiped more than $30 billion off the company’s market value and put the spotlight on Christian Klein, who became sole chief executive of the business software group in April and since then has announced two profit warnings.

This post first appeared on wsj.com

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