By William Boston 

BERLIN -- SAP SE, the global business software company, cut its profit and sales outlook for the year as the economic impact of the COVID-19 pandemic hit its key businesses and new lockdowns and restrictions forestall a meaningful recovery.

The weaker than expected recovery in business travel and related services has hit SAP's cloud-based service business Concur, the company said, adding that it "no longer anticipates a meaningful recovery in SAP Concur business travel-related revenues for the remainder of the year 2020."

SAP said in a statement that it now expects non-IFRS operating profit of up to EUR8.5 billion, down from a previous estimate of up to EUR8.7 billion. The company cut its revenue forecast to up to EUR27.8 billion, down from a previous forecast of up to EUR28.5 billion.

 

(END) Dow Jones Newswires

October 25, 2020 15:43 ET (19:43 GMT)

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