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SAP Q3 revenues down 11%

Enterprise management software firm SAP has reported third quarter income of €435m, an 11% drop compared with the same period the year before.

Enterprise management software firm SAP has reported third quarter income of €435m, an 11% drop compared with the...

same period the year before.

This was just over 4% less than the average predicted by analysts, according to Bloomberg.

SAP said sales for the quarter dropped 9.2% to €2.51bn, also roughly 4% below average analyst estimates.

The firm said it expects software sales to drop more than initially forecast as customers delay spending during the economic slump.

Software and related service revenues were lower than expected, mainly because of a challenging environment in the emerging markets and Japan, said Werner Brandt, chief financial officer at SAP.

"While we are seeing signs of stabilisation in the general environment, the market remains difficult," he said.

Last month, SAP's biggest rival, Oracle, reported a third quarter sales drop of 6.6% and 5% decline in revenues compared with the previous year.

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