Market News

SAP Slips after Earnings Miss; Plans to Cut 3,000 Jobs

Shares of SAP SE (DE:SAP)(NYSE:SAP) are lower today after releasing its earnings report for Q4. Adjusted earnings per share came in at Є1.00 with revenue of Є8.44 billion. Both metrics missed expectations of Є1.37 per share and Є8.55 billion, respectively.

As a result of these results, SAP announced that it will be slashing 3,000 workers, which equates to 2.5% of its workforce. This is expected to save the company Є350 million per year.

Looking forward, management expects revenues and an operating profit for Fiscal Year 2023 (in constant currencies) to be in the ranges of Є28.2 billion to Є28.7 billion and Є8.8 billion to Є9.1 billion, respectively.

Overall, analysts have a consensus price target of Є117.94 on SAP stock, implying over 12% upside potential, as indicated by the graphic above.


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