SAP says it is hurting

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SAP says it is hurting

German business software outfit, SAP said that it is suffering badly from the economic downturn.

SAP said it saw a sudden drop in business at the end of September as global financial turmoil escalated.

Henning Kagermann, the co-chief executive of the company, said market developments of the past several weeks have been dramatic and worrying to many businesses.

He said that SAP was not immune from the economic and financial crisis that has hit the markets in the second half of September.

The company expects software and software-related service revenues for the July-September period to be between US$2.66 billion to US$2.67 billion.

This is an increase of more than 13 per cent from the third quarter of 2007 but well down on SAP's predictions.

At least SAP can be happy that its rival Oracle also predicted software sales growth of only five per cent percent to 15 per cent in its current fiscal quarter.
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