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

SAPcut its guidance for 2020 and for the medium term on Sunday, saying the reimposition of coronavirus lockdowns had hit its business while hard-hit industries would now take longer than expected to recover.The German business software group, a leader in enterprise applications ranging from finance to supply-chain management, said in an ad hoc filing that its earlier forecast that opening economies would revive demand now no longer held.