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SAP Shares Slump as Cloud Outlook Undermines Market Confidence
SAP’s stock plunged as cloud backlog and 2026 cloud revenue forecasts disappointed investors, overshadowing solid full-year results and a new buyback plan.
Shares of SAP dropped sharply after the company’s fourthquarter results met revenue expectations but cloud backlog growth and 2026 cloud revenue forecasts disappointed investors, triggering the steepest decline since 2020.While full-year cloud revenue rose and a €10 billion buyback program was announced, market sentiment weakened over slower future growth amid AI competition and longer sales cycles. SAP forecasts 23–25% cloud growth in 2026, signaling deceleration.