So it is no surprise that the co-CEO struck a sanguine tone when revealing the full year figures for last year.
In the vendor’s full year figures for 2008 software revenues increased by 6% and net income dropped by 2% with income from continuing operations remaining flat.
The vendor followed the example set by many others in the last few weeks and said it would not be issuing guidance for the rest of the year.
“We expect 2009 to be a year of limited visibility, making it increasingly difficult to project sales in this environment,” said Leo Apotheker, co-CEO of SAP.
He added that a great deal of its business was based on recurring revenue and it still had a solid product portfolio so it expected to exit the downturn in a strong position.
“This is not the first time we have experienced tough economic times and we believe we are well prepared to endure it,” he said.
SAP has already announced plans last October to cut costs and as part of that ongoing process 3,000 jobs are being axed.