Frankfurt — SAP, Europe’s most valuable technology company, reported that third-quarter revenue growth slowed after a strong first half and profits came up just short of analysts’ expectations. Core profit excluding special items rose by 4% to €1.64bn at constant currency rates, SAP said, below the €1.69bn expected by analysts in a Reuters poll. Nonetheless, SAP said it was confident it could meet or beat its financial targets for the full year, as it modestly raised the midpoint of its outlook for 2017 revenue and core profits. Revenue for the German business planning software provider grew 8% to €5.59bn from a year earlier, falling short of the mean forecast of €5.71bn from 16 analysts surveyed by Reuters. SAP had posted double-digit revenue growth in the first two quarters of 2017. Cloud subscriptions and support revenue rose 27% in the third quarter to €938m, excluding currency effects, compared with the 29% analysts had expected, on average. Its classic software licence and sup...
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