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Software giant SAP cuts 2008 revenue forecast

AFP
AFP - [email protected]
Software giant SAP cuts 2008 revenue forecast
Photo: DPA

The world leader in business software, German IT giant SAP, said Monday that it had dropped its 2008 financial targets because of the uncertain economic environment.

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"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).

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