SAP Faces Downgrade After Cloud Backlog Slowdown

SAP SE reported fourth-quarter results on January 30, with non‑IFRS EPS €1.62 and operating profit €2.83 billion beating estimates, while total revenue €9.68 billion and cloud revenue €5.61 billion narrowly missed consensus. Citizens analyst Patrick Walravens downgraded the stock to Market Perform after current cloud backlog growth slowed to 25% in constant currency, the weakest in nine quarters, pressuring the shares.