![](https://cdn.mos.cms.futurecdn.net/ujZu9LFcFwT9Uwoo7c6rbU.gif)
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.
Get the ITPro. daily newsletter
Receive our latest news, industry updates, featured resources and more. Sign up today to receive our FREE report on AI cyber crime & security - newly updated for 2024.
ITPro is a global business technology website providing the latest news, analysis, and business insight for IT decision-makers. Whether it's cyber security, cloud computing, IT infrastructure, or business strategy, we aim to equip leaders with the data they need to make informed IT investments.
For regular updates delivered to your inbox and social feeds, be sure to sign up to our daily newsletter and follow on us LinkedIn and Twitter.
Resources
Get the ITPro. daily newsletter
Receive our latest news, industry updates, featured resources and more. Sign up today to receive our FREE report on AI cyber crime & security - newly updated for 2024.