SAP Profit Falls for Q3, Drops Sales Forecast
SAP profits fell 5 percent in the third quarter, with the company canceling its sales forecast for the rest of the year, it reported late Monday.
Net profit for the quarter dropped to
"In light of the uncertainties surrounding the current economic and business environment, the Company decided to no longer provide a specific outlook for non-GAAP software and software-related service revenues for the full-year 2008," it said in a statement. However, SAP did say it expected its non-GAAP operating margin for the year, excluding a write-down of
SAP and other major technology companies are being watched to see how the sector will weather the current financial crisis.