|Company Name||SAP SE|
On October 25, 2020, the Company announced its third quarter 2020 financial results, reporting that total revenue declined 4% year-over-year. SAP also stated that software license revenue fell 23% year-over-year, while cloud revenue grew 11% year-over-year. The Company also lowered its fiscal 2020 guidance, expecting between €8.0 and 8.2 billion cloud revenue, compared to prior guidance of cloud revenue between €8.3 and 8.7 billion.
On this news, SAP’s share price fell $34.66, or 23%, to close at $115.02 per share on October 26, 2020, on unusually heavy trading volume.
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