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(Bloomberg) - Shares of SAP SE fell 21%, the biggest intraday drop since 1999, after the software company cut its full-year revenue forecast and said it expected a new wave of lockdowns hurt demand in the first half of 2021 In a test for Christian Klein, who became the sole CEO in April, the pandemic will delay SAP's cloud revenue targets, overall sales and operating profit one or two years, especially in the hard hit sectors, the Walldorf, Germany The company said in a statement on Sunday The fall in shares on Monday wiped 28 billion euros ($ 33 ​​1 billion) from the market value of SAPSAP said it expects limited growth and margin improvement over the next two years, and shifted his expectations to meet his 2023 strategic plan to 2025 Klein said in a call Monday that he expects a conservative recovery in the first half of next year. previous "assumed economies would reopen and population lockdowns ease, leading to a gradual improvement in the demand environment in the third and fourth quarters," SAP said in the statement. "Locks were recently reintroduced in some regions and the recovery in demand has been more subdued than expected" SAP's pessimistic near-term outlook has risked a ripple effect on the European software industry, analysts warned by Citi The European Stoxx Technology index fell 63%, its biggest one-day loss since March, SAP now expects adjusted revenue of 272 billion euros to 278 billion euros (32 $ 2 billion to 32 $ 9 billion) at constant exchange rates in 2020, lower than the previous forecast of € 278 billion to € 285 billion SAP also said it no longer sees an increase in business travel revenue this year It's hard to find positive news in results, said Nicholas David, analyst at Oddo BHF on Monday "The warning on medium-term ambitions was expected / feared by the market but the new ambitions fall short of the most pessimistic expectations," he said in a note Qualtrics IPOSAP said he was in advanced stages of 'a list for its Qualtrics software unit He announced the decision in July to list the US less than two years after buying the company for a record sum, a surprise U-turn signaling a strategic shift under Klein. well advanced in the preparations for the IPO of Qualtrics, "CFO Luka Mucic said on a call Monday "Qualtrics had a strong quarter, which will allow it to continue growing next year" New Outlook Adjusted cloud revenue is expected to be € 8 billion to € 82 billion in 2020, compared to previous estimate of 83 billion euros to 87 billion euros Operating profit will be 81 billion euros to 85 billion euros this year, down from expectations of 87 billion euros SAP updated its medium-term ambition of total revenue to over 36 billion euros in 2025 compared to its previous estimate of 35 billion euros in 2023 The company sees more than 22 billion euros in cloud revenue and more than 115 billion euros in operating income by 2025 Third quarter non-IFRS operating profit decreased 12% year-on-year to 207 billion euros Than compared to 2 Average estimate of 15 billion euros from analysts in a survey Bloomberg Period revenue fell 4% to € 654 billion compared to analyst average 6 Estimate of € 89 billion Read full statement here After losing his co-pilot, SAP CEO plots a solo path through Pandemic (UK'S CMA to Launch Antitrust Investigation on Sinch, SAP Unit Deal) For more articles like this please visit us at bloomberg Subscribe now to stay ahead with the most popular source of business news trusted © 2020 Bloomberg LP