FRANKFURT-German business software provider SAP SE on Tuesday reported a 9% drop in net profit for the first quarter, weighed down in part by an increase in share-based compensation expenses.
Net profit for the period ended March 31 was EUR521 million, compared with EUR572 million ($566.2 million) during the same period a year prior.
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Revenue climbed by 12% to EUR5.3 billion, boosted by strong sales of the company's Internet cloud-based offerings.
SAP reiterated its guidance for the full year, saying it expects total revenue in a range of EUR23.2 billion to EUR23.6 billion, and operating profit in range of EUR6.8 billion to EUR7 billion, both at constant currencies. The outlook is based on calculations not recognized under international financial reporting standards.
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(END) Dow Jones Newswires
April 25, 2017 01:18 ET (05:18 GMT)