SAP takes a tumble

SAP shares fell sharply after the software company admitted it had missed sales targets for 2006. Its shares on the New York Stock Exchange ended the day down ten per cent.

The company was aiming for revenue growth of 15 to 17 per cent but only managed to increase sales by 13.5 per cent. Although it warned late last year that profits would be towards the bottom of predictions the markets were not impressed.

The company still sold software worth €6.64bn in 2006 - growth of 11 per cent on 2005.

For the fourth quarter the company made revenues of €2.95bn, up from €2.75bn in the same period of 2005.

More on SAP's website here.®