Financial software provider SAP disappointed investors with its third-quarter results, despite reiterating that it will meet full-year targets.
Operating profit rose 16% to €716m (£625m) on sales of €2.32bn, but the market had forecast €803m, based largely on strong results from US competitors.
The company said its growth forecast for key revenue would be between 9% and 11%, including 6%-8% from the recently acquired database vendor Sybase. Operating margins would also remain at 30%-31%, the company said.
“All of the regions reported growth in the third quarter, with particular strength in the US and the emerging markets of Asia, Europe and Latin America, ” said chief financial officer Werner Brandt.
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