SAP reports drop in profits from Ukraine war, lowers forecast

Published by
DPA

Europe’s largest software company SAP posted a significant drop in earnings in the second quarter due to costs related to the war in Ukraine and weaker software license sales. Earnings before interest and taxes, adjusted for special effects, fell 13% year-on-year to €1.68 billion ($1.71 billion), the DAX heavyweight reported on Thursday. The discontinuation of operations in Russia and Belarus due to the invasion of Ukraine had a negative impact of €160 million. The profit after tax slumped by 86% to €203 million, mainly because the investments in start-ups were not nearly as successful as they…

Read More

Leave a Reply