SAP shares drop in Frankfurt as cloud growth disappoints analysts

Berlin

SAP SE fell in early Frankfurt trading despite raising its sales forecast, as third-quarter revenue at Europe's largest software company slightly missed analyst estimates.

SAP fell as much as 2.9 per cent, the steepest intraday loss since June, even as it raised its sales forecast for 2017 as more customers signed up for the company's flagship S/4 Hana business software. Revenue came in at 5.6 billion euros (S$8.9 billion), slightly below consensus, and analysts from Commerzbank AG and Morgan Stanley pointed to what they saw as weaker-than-expected subscriptions for its cloud business.