SAP, the world's largest enterprise software maker, said its business had dropped off abruptly, leading to a warning on its third-quarter revenue.
It now expects revenue from software and software-related services to rise only 13-14 per cent.
SAP said it expected third-quarter 2008 US GAAP software and software-related service revenues of between 1.970 billion (1.530 billion) and 1.980 billion.
"The market developments of the past several weeks have been dramatic and worrying to many businesses. These concerns triggered a very sudden and unexpected drop in business activity at the end of the quarter," co-chief executive Henning Kagermann said in a statement.
"As SAP is still finalising the quarter-end closing process, total revenues and operating income are not yet available and will be provided along with further details on Oct. 28, including an update of its 2008 outlook," it said.
SAP shares fell 19 per cent by 1530 GMT to 27.945, the second-leading decliner among German clue chips. Shares in rival Oracle fell nearly nine per cent.
"The overall fundamentals of our business remain in place. SAP did report double-digit growth in software and software-related service revenues for the quarter and we expect to have gained further market share, even during unfavourable market conditions," Kagermann added.
-
Asus ZenScreen Fold OLED MQ17QH reviewReviews A stunning foldable 17.3in OLED display – but it's too expensive to be anything more than a thrilling tech demo
-
How the UK MoJ achieved secure networks for prisons and offices with Palo Alto NetworksCase study Adopting zero trust is a necessity when your own users are trying to launch cyber attacks
-
Organizations shift away from Oracle Java as pricing changes biteNews A survey from Azul Systems finds that, along with cost, customers cite a preference for open source and the threat of a Java usage audit
-
Why Java 17 growth is ‘exploding’News Java 17 is now the most popular LTS version, according to application data from New Relic, but what's driving this growth?
-
SuiteWorld 2023: NetSuite's day-two announcementsLive Blog Keep up-to-date with all the day-two announcements from NetSuite SuiteWorld 2023
-
Can Oracle really be Linux's knight in shining armor?Opinion The self-proclaimed champion of open source freedom would like you to forget about its history
-
SAP's $7.7 billion Qualtrics sale branded a “win-win” situationNews The German software company has sold its 71% stake in Qualtrics which will see the company go private once again
-
Oracle’s Java subscription changes spark concerns over cost hikes for smaller businessesNews Smaller businesses could incur significant cost hikes as high as 1,400% with most new customers expected to pay at least double
-
SAP and Qualtrics debut Concur Experience Optimizer for hybrid workplacesNews New solution leverages employee sentiment to redesign travel and expense programs
-
Oracle to launch 14 new cloud regions over the next yearNews The company wants to support the demand for its customers as it looks to open at least two regions in each country it operates
