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SAP cuts 2020, mid-term guidance due to COVID-19 hit

BERLIN, Oct 25 (Reuters) - Business software group SAP cut its guidance for 2020 and for the medium term on Sunday, saying the reimposition of coronavirus lockdowns had hit its business and hard-hit industries would now take longer than expected to recover.

“While SAP continues to see robust interest in its solutions to drive digital transformation as customers look to emerge from the crisis with more resilience and agility, lockdowns have been recently re-introduced in some regions and demand recovery has been more muted than expected,” SAP said in an ad hoc statement.

Reporting by Douglas Busvine; Editing by Alison Williams

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