German enterprise software group SAP saw its market valuation fall by 25 billion euros ($30 billion) on Monday as shares collapsed by over 17% following disappointing third-quarter results. The company, which slashed its revenue forecast for 2020, saw its market cap fall from 125 billion euros to 100 billion euros and it is on track for its worst trading day in 12 years.
SAP said coronavirus lockdowns would affect demand for its business relations and customer management software well into 2021 as it announced that it plans to go all-in on cloud computing. The firm is abandoning medium-term profitability targets and it warned that it will take longer than expected to recover from the pandemic.
JPMorgan cut its price target for SAP to 120 from 160 euros, and downgraded the stock to “neutral” from “overweight.”
SAP just saw $30 billion wiped off its market cap and it’s on track for its worst trading day in 12 years, CNBC, Oct 26
- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…
- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…
The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…
The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…
- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…
- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…
This website uses cookies