SAP Ousted as Biggest German Firm as Miss Wipes Out €39 Billion

SAP SE shed €38.7 billion ($46.3 billion) in market value on Thursday after reporting disappointing financial results, knocking the software maker out of its place as Germany’s largest company.

Its current cloud backlog, which reflects sales that will be booked over the next 12 months, grew by 16% in the fourth quarter to €21.1 billion and was up 25% at constant currencies, the Walldorf, Germany-based company said in a statement on Thursday.