Reseller channel newcomer SAP has announced that its third quarter profit is down and it is unlikely to meet its target of 40 per cent earnings growth for this year.
This is the third profit warning SAP has issued this year. But analysts said the market had frequently been overenthusiastic about SAP stocks and this fall 'brings things back to a more realistic level'.
Third quarter profit fell 11 per cent to DM135 million (#58.7 million), while sales growth was 22 per cent, compared with 40 per cent in the first two quarters.
SAP blamed the slide on stagnant business in the UK, Germany, Switzerland and Sweden. Sales growth across the whole year is predicted to be about 30 per cent, with full-year turnover at DM3.5 billion, according to SAP chairman Dietmar Hopp.
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