SAP SE the German business software company, reported lower profit and cut its outlook for the full year after losing business in the wake of the war in Ukraine and the company’s withdrawal from Russia hit revenues from its software and cloud businesses.
The Walldorf, Germany-based company said Thursday that it expected its operating profit to take a 350-million-euro hit, equivalent to $356.8 million, this year as a result of lost revenue, restructuring costs, and bad debt costs from the war in Ukraine as the company continues to wind down its business in Russia and Belarus.
