SAP Posts 12 Percent Profit Rise
Business-software giant SAP AG continued its recovery Wednesday with a 12% increase in third-quarter net profit, and maintained its full-year forecast.
The Walldorf, Germany-based company, which competes with Microsoft Corp. and Oracle Corp., said third-quarter net profit rose to €500 million ($692.6 million) from €447 million a year earlier.
The results missed analysts’ expectations of €560 million due to an increased provision for its upcoming law suit with Oracle. Costs related to its $5.8 billion acquisition of Sybase Inc. that completed in July also weighed on profit. Revenue increased 20% to €3 billion from €2.51 billion.