Oct. 26, 2020, 11:59 a.m. EDT

SAP U.S. stock drops more than 20% on cut outlook

U.S. shares of SAP SE (NYS:SAP) opened more than 20% lower Monday after the German business software company cut its outlook due to prolonged work-from-home measures from COVID-19. American depositary receipts of SAP were last down 23% at $115.25 following a close of $149.68 on Friday. On Sunday, SAP cut its profit and sales outlook as a weaker-than-expected recovery in business travel has hurt its Concur expense management service. Also, because of its move to cloud-based services, SAP said it expects “software licenses revenue to continue to trend lower from 2020 levels.”

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