After warning earlier this month that its orders had declined dramatically, it came as no surprise that the arrows pointed down on SAP's quarterly earnings report.
It said profits for the quarter were 5 percent lower than the same quarter a year ago and for the first three quarters of the year profits were down 4 percent, reports Computerworld. The German software maker also withdrew its 2008 sales forecast and lowered its profit margin target. Its stock fell as much as 16 percent on the news.
The company is cutting travel and third-party contracts to reduce costs amid the economic downturn.
Bloomberg quotes Stefan Mueller, a managing partner at Proprietary Partners AG in Frankfurt, as saying that he didn't like that the company attributed all its woes to the economy.
And, indeed, IT Business Edge's Lorraine Lawson wrote in July that the company even then had its share of problems, some technical, some not.