⁍ SAP SAPG.DE cut its guidance for 2020 and for the medium term on Sunday.

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⁍ It said the reimposition of coronavirus lockdowns had hit its business.

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⁍ Hard-hit industries would now take longer than expected to recover, it said.

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– Shares in SAP, the world’s biggest maker of business software, dropped more than 5% in after-hours trading Sunday after the company cut its revenue and profit forecasts for the year. The drop came even as the company released third-quarter results that were ahead of schedule, reports the Wall Street Journal. In a statement, the company said it now expects total revenue this year to be between $32.8 billion and $32.8 billion, down from an earlier forecast of $32.5 billion to $32.5 billion. Adjusted operating profit is now expected to be between $8.3 billion and $8.3 billion, down from an earlier forecast of $8.3 billion to $8.3 billion. The company also cut its 2020 guidance, saying the reimposition of coronavirus lockdowns had hit its business. “While SAP continues to see robust interest in its solutions to drive digital transformation as customers look to emerge from the crisis with more resilience and agility, lockdowns have been recently re-introduced in some regions and demand recovery has been more muted than expected,” the company said, per Reuters. “In particular, SAP no longer anticipates a meaningful recovery in Concur, its business travel and expenses expenses application, for the remainder of this year.”