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by Jeff Moad, MA Editorial Staff
Posted on Monday, October 06, 2008 4:13:53 PM Sign Up to receive Daily News Alerts in your E-mail Inbox   | Abstract: | Company sees “truly extraordinary” drop in business; says third-quarter results will be lower than expected and imposes a hiring freeze. |
| Keywords: | drop in business, hiring freeze |
Enterprise software market leader SAP today said the worldwide economic crisis undermined its business in the last two weeks of September, pulling third-quarter financial results well below expectations.
Top SAP officials called the sudden slowdown in the company’s business dramatic and said SAP is responding by instituting an immediate hiring freeze.
“Nobody … could have predicted what happened in the past two weeks,” said Co-CEO Henning Kagermann on a conference call with journalists. “Many customers reacted with a suddenness that I haven’t seen in the last years.”
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