SAP SE, which supplies the software that powers tens of thousands of companies’ operations, cut its 2017 profit target as a shift to software delivered over the Web hurts margins. The stock fell as much as 4.9 percent.
Operating profit adjusted for some items will be 6.3 billion euros ($7.3 billion) to 7 billion euros on sales of 21 billion to 22 billion euros, SAP said today. That’s a step back from a previous goal of sales of at least 22 billion euros and operating margin of 35 percent, which implied 7.7 billion euros in profit.
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