Software firm reveals profits leap
German business software firm SAP AG has reported a jump in net profit to €1.25bn in the third quarter as the company slashed the amount of money it had set aside for possible legal costs in its court battle with the Oracle corporation.
The profit figure for the third quarter is more than twice the €500m result from a year ago.
Walldorf-based SAP boosted earnings by €722m when it reduced the amount of money set aside to cover possible losses from a legal case brought by Oracle.
A judge threw out an €934m jury verdict in Oracle’s favour over theft of documents from password-protected sites by SAP’s former subsidiary, but the legal case continues.