Software giant SAP cuts 2008 revenue forecast
AFP · 28 Oct 2008, 10:07
Published: 28 Oct 2008 10:07 GMT+01:00
"In light of the uncertainties surrounding the current economic and business environment, the company decided to no longer provide a specific outlook" for software and software-related revenues, a statement said.
SAP had initially hoped to increase software license sales by 24-27 percent this year at constant exchange rates. Its operating margin margin forecast was lowered to 28 percent from 29 percent previously.
The group said a few weeks ago that it had suffered a "brutal" drop in orders, but published third quarter figures that were generally in line with analysts' expectations. Net profit in the three-month period fell by 5.0 percent to €388 million ($482 million).