SAP Brings Good Q1 News to SapphireBy Renee Boucher Ferguson | Posted 2007-04-20 Print
Despite recent troubles, the company approaches its annual user event with news of a jump in profits.
SAP reported its first quarter 2007 earnings April 20, highlighting a jump in profits. Net income for the quarter was $413 million, up from $282 million a year ago, and total revenue jumped 6 percent to $295 billion, in what turns out to be an auspicious start following a tumultuous period for the giant software company.
Not only did SAP's earnings come in below expectations in its second and fourth quarters of 2006, but the company's CEO heir apparent and resident visionary Shai Agassi resigned last month (effective April 1), about the same time that its biggest competitor, Oracle, slapped the company with a lawsuit.
Henning Kagermann, SAP's CEO and new head of products in Agassi's stead, set the record straight during the April 20 earnings call with analysts and press, particularly regarding SAP's ongoing battle with Oracle.
"We have no intention to settle; why should we?" Kagermann said. "We don't think anything is wrong in our company. We have a long legacy at the company, with an unparalleled reputation as a trusted advisor and a trusted partner."
Read the full story on eWEEK.com: SAP Brings Good Q1 News to Sapphire
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