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SAP's revenue up 12 percent, earnings up 15 percent
By siliconindia
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Thursday, 29 July 2010, 22:38 IST
Frankfurt: German professional software giant SAP posted a 15 percent jump in the second quarter net profit to 491 million euros ($638 million). Sales of software and related services gained 16 percent to 2.26 billion euros, a statement added.
"We are pleased to report another quarter of growth in software and software-related service revenue," said Finance Director Werner Brandt. "The top line results were driven by continued growth in software revenue, strong support revenue, mainly from the majority of our customers who endorsed Enterprise Support, and double-digit growth in subscription revenue," he added.
SAP said it has also completed a cash tender for outstanding shares in its Sybase unit, which focuses on database, information management and mobile activities.
For the first six months of 2010, SAP posted a net profit of 878 million euros, up from 622 million in the first half of 2009.
SAP forecast that full-year revenue from software and software-related services will grow at between 6 percent and 8 percent at constant currency rates. But SAP expects revenue growth of between 9 percent and 11 percent at constant currency rates once it includes revenue from Sybase, for which it announced the conclusion of its tender offer Tuesday. With approval for the merger granted by the European Union last week, completion of the merger is now a mere formality.
Around the world, software revenue for the second quarter was up 64 percent in the Americas, SAP's biggest market, and up 11 percent in Asia, but down 9 percent in Europe, the Middle East and Africa.