SAP misses third-quarter revenue estimates, US-listed shares fall 3%

German software maker SAP on Wednesday reported third-quarter revenue below analysts’ estimates and forecast full-year cloud revenue at the lower end of its outlook range, sending its U.S.-listed shares down 3% in extended trading.

Walldorf, Germany-based SAP said revenue for the third quarter ended Sept. 30 rose 7% to 9.08 billion euros ($10.59 billion), missing analysts’ expectations of 9.17 billion euros, according to LSEG IBES data.

Revenue from SAP’s lucrative cloud business rose 22%, its slowest pace of growth since the fourth quarter of 2023.