German software giant SAP plunged as much as 14% Thursday after reporting weaker-than-expected growth in its cloud contract backlog in the fourth quarter.

It’s the biggest daily fall since October 2020, when its stock dropped 22% following disappointing third-quarter results. The stock is also on track to close at its lowest price since mid-2024.

SAP’s current cloud backlog rose by 16% in the fourth quarter to 21.1 billion euros [$25.3 billion]. UBS analysts noted Thursday that the cloud backlog growth will be a “disappointment” based on previous expectations of 26% growth.