SAP: "Very Sudden and Unexpected Drop" in Business Pressuring Enterprise IT Stocks

Adding fuel to the raging fire on which stock valuations are now burning, SAP (SAP) co-CEO Henning Kagermann this morning warned in a statement that market developments of the last few weeks have been “dramatic and worrying to many businesses,” which has triggered a “very sudden and expected drop in business activity” late in the company’s third quarter.

“Throughout the third quarter we felt quite positive about our ability to meet our expectations,” he said. “Unfortunately, SAP was not immune from the economic and financial crisis that has enveloped the markets in the second half of September, causing us to report numbers below our expectations.”

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