SAP profits fell 5 percent in the third quarter, with the company canceling its sales forecast for the rest of the year, it has reported.
Net profit for the quarter dropped to €388 million compared to €408 million for the same period ending Sept. 30 last year. The company also reported nine-month results, with net income for the first three quarters of the year of €1.57 billion, a 4 percent decrease over last year's net of €1.62 billion for the same period.
"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 €180 million from its purchase of Business Objects, to be around 28 percent.
SAP and other major technology companies are being watched to see how the sector will weather the current financial crisis.