SAP CEO Says Company Still Safe Bet in ‘Sea of Danger’
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On a day when SAP SE shares fell the most in almost three years, Chief Executive Officer Bill McDermott said investors should better understand a shift to cloud computing that’s taking a toll on the company’s profit.
The world’s biggest supplier of back-office business management software yesterday raised its projection for sales of software delivered over the Internet rather than stored on customers’ machines, and simultaneously cut its full-year profit forecast as those contracts take longer to recognize their revenue compared with traditional software deals.