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Germany's SAP cuts 2014 profit forecasts
(MENAFN) German software giant SAP said it lowered its profit forecast for the full year of 2014, despite a strong rise in revenues and profits in the July-September quarter, AFP reported.
SAP said in a statement it expects full-year operating profit to be in a range of USD7.1 billion to USD7.4 billion, which is lower than its previous forecast of USD7.4 billion to USD7.66 billion.
However, revenues of the third-quarter period soared 5.0 percent, reaching USD5.42 billion, driven by a 45 percent increase in revenues from cloud subscriptions and support.
The German firm attributed the downgrade to less upfront revenues and short-term pressures on margins, as it refocuses its business on cloud-based software technology.
SAP said in a statement it expects full-year operating profit to be in a range of USD7.1 billion to USD7.4 billion, which is lower than its previous forecast of USD7.4 billion to USD7.66 billion.
However, revenues of the third-quarter period soared 5.0 percent, reaching USD5.42 billion, driven by a 45 percent increase in revenues from cloud subscriptions and support.
The German firm attributed the downgrade to less upfront revenues and short-term pressures on margins, as it refocuses its business on cloud-based software technology.
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