SAP Hits at Oracle but Misses Forecasts
Updated · Oct 28, 2010
SAP (SAP) Chief Financial Officer Werner Brandt recently swiped at Oracle (ORCL) by saying that customers wanted “choice, openness and innovation” from their technology partners. As reported on Forbes, the comments come as SAP’s net profits missed forecasts, coming in at 501 million euros ($692 million), against hopes for 586 million euros. SAP also dismissed rumors that it could be acquired by HP (HPQ).
“SAP’s sales for the third quarter rose by 20% to 3 billion euros ($4.1 billion), just above analysts’ expectations, but net profits missed forecasts, coming in at 501 million euros ($692 million), against hopes for 586 million euros.
“The company sees some of its best prospects for growth coming from the United States and emerging markets. SAP sells software programs that help companies carry out administrative work like payroll, inventory management and accounting.”