SAP SE Shares Plunge 16% as Cloud Backlog Sparks AI Disruption Concerns

Deep News

01/29

Software giant SAP SE witnessed its most significant stock decline in over five years, as its fourth-quarter cloud backlog fell to what CEO Christian Klein had previously termed a "disappointing" level, intensifying market anxieties that artificial intelligence could disrupt the software industry.

The Walldorf, Germany-based company stated on Thursday that its current cloud backlog—which reflects sales to be recognized as revenue over the next twelve months—grew by 16% in the fourth quarter to €21.1 billion ($25.3 billion), representing a 25% increase at constant currencies. Klein had earlier indicated that SAP was targeting growth of 26%.

SAP's stock price plummeted as much as 16% to €164.86 in Frankfurt trading, marking its largest intraday drop since October 26, 2020.

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