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SAP beats estimates, but shares fall

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Stronger than expected sales of software licenses by SAP weren't rewarded by the market today. SAP will show a rise in revenue to €2.75bn for the fourth quarter according to company guidance, of which $1.18bn is from software sales.

Sales of licenses grew by 18 per cent, higher than the 12 to 14 per cent target. But its stock price fell by almost three per cent in the largest fall for a year.

Analysts blamed the company's decision to invest in new staff, rather than reward the shareholders.

SAP reports its full figures for the quarter on 25 January.®

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