Shares of German software corp. SAP SE sank more than 18% on Monday shortly after the company announced its financial results for the third quarter of the year.

Despite achieving some gains, SAP's total revenue was down 4% and operating profit dropped 12%. In the report, CEO Christian Klein revealed the company would "accelerate growth" in the cloud computing field.

SAP's stocks tumbled 18.35% to sell for €101.94 per share at 10:35 am CET. Despite successfully recovering from the March stock crash, SAP's shares still stand 15% lower compared to the start of 2020.