SAP told investors not to expect a major improvement in margins before next year...
) told investors not to expect a major improvement in margins before next year as the German business software group reported a 21% decline in second-quarter operating profit on Thursday, weighed down by one-off costs.
Europe’s most valuable tech firm reiterated its forward guidance and CEO Bill McDermott expressed his “absolute commitment” to meeting a strategic goal of expanding margins by 5 percentage points through 2023. Investors, including U.S. activist fund Elliott, had driven SAP’s shares to all-time highs after management launched an efficiency drive in April, and are keen to see evidence that it is starting to pay off.
The spring quarter was, however, marked by a decline in license revenue, the result of trade tensions that took their toll on Asian markets in particular.
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