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SAP: market frowns as group misses Q1 profit consensus

( - SAP, Europe's leading software company, announced on Friday that its Q1 operating profit was below expectations, with such a performance weighing on its share price in Frankfurt.

Quarterly operating profit, excluding extraordinary items fell by 7% at constant exchange rates to 1.68 billion euros, below the consensus of 1.75 billion euros.

However, operating profit calculated under IFRS standards was up 10% to 1.05 billion euros.

Meanwhile, revenues rose 11% to 7.1 billion euros, including 7% growth at constant exchange rates, above the 6.9 billion dollar consensus.

Despite the impact of the war in Ukraine, SAP has confirmed all its FY 2022 forecasts - both in terms of revenues and operating profit excluding IFRS.

All said, the news was frowned on in Frankfurt, with SAP shares down about 3.5% in the first hour of trading.

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