German software giant SAP plunged as much as 11% Thursday after reporting weaker-than-expected growth in its cloud contract backlog in the fourth quarter.
It’s the biggest daily fall since October 2020, when its stock dropped 22% following disappointing third-quarter results. The stock is also on track to close at its lowest price since mid-2024.
Shares were last trading down 9.7%.
SAP’s current cloud backlog rose by 16% in the fourth quarter to 21.1 billion euros [$25.3 billion]. Chief Executive Officer Christian Klein has previously said SAP was targeting 26% growth, Bloomberg reported.
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