SAP sounds upbeat note as profits continue to rise

SAP has registered a further rise in profits and revenues, claiming that it had achieved momentum in its cloud computing business.

The German business software firm made 583m euros (£478m, $770m) in the first three months of 2012 , up 10% from 2011.

SAP said it registered double-digit software-related revenue growth for the ninth consecutive quarter.

However, markets were underwhelmed by the result - SAP's share price fell 1.1% in early Wednesday trading.

"We see strong momentum for our flagship in-memory platform SAP Hana, our cloud and mobile solutions, and our core applications and analytics products," said co-chief executives Bill McDermott and Jim Hagemann Snabe.

The company reaffirmed its operating profits forecast for the year at 5.05bn-5.25bn euros.

It expects software-related revenues to increase another 10%-12% this year.

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