SAP Q1 operating profit, revenue miss expectations
FRANKFURT, April 19
FRANKFURT, April 19 (Reuters) - German business software maker SAP on Friday published lower-than-expected first-quarter operating profit and revenue as its activities in Asia showed a decline in revenues.
First-quarter operating profit excluding special items rose 8 percent to 901 million euros ($1.2 billion), missing average analyst expectations of 968 million euros.
Revenues were also up 8 percent at 3.64 billion euros, but missed even the most pessimistic estimate in a Reuters poll, with individual estimates ranging from 3.73-3.9 billion euros.
"We had some execution issues in Asia-Pacific," SAP co-Chief Executive Jim Hagemann Snabe said.
SAP said it still expected operating profit this year to be 5.85-5.95 billion euros at constant currencies, up 12-14 percent from 5.21 billion in 2012.