German business-software company SAP on April 24 set new medium-term profit targets as it reported a first-quarter operating loss.
The quarterly operating loss of 136 million euros resulted from an 886 million euro charge caused by staff layoffs. SAP also said it wants to expand its adjusted operating margin by 5 percentage points by 2023 as it scales up its cloud-computing operations, which are expected to generate a gross margin of 75 percent that year.
Activist investor Elliott Management, which disclosed a 1.2 billion euro stake in SAP on April 24, said it supported the management’s strategy.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: