SAP Flags Hit From Russia Exit, Revenue Growth Beats Estimates

SAP Flags Hit From Russia Exit, Revenue Growth Beats Estimates
The logo of German software group SAP is pictured at the headquarters of SAP (Schweiz) AG in Regensdorf, Switzerland on Jan. 22, 2021. Arnd Wiegmann/Reuters
Reuters
Updated:

STOCKHOLM—German business software group SAP on Friday flagged a 300 million euro ($325.3 million) hit to sales from its planned exit from Russia, after strength in its cloud business helped it beat first-quarter revenue estimates.

It said the plans to quit Russia announced earlier this week will have a near 350 million euro impact on annual adjusted profit, and lead to restructuring charges of about 80 million to 100 million euros.