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. 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. Chief Executive Officer Christian Klein said the current cloud backlog in the last quarter of the year had laid a "strong foundation" to accelerate revenue growth through 2027. The German company did however, guide for cloud backlog growth to "slightly decelerate" in 2026.