On April 19, SAP announced upbeat results for Q1 2001, contradicting thereby the current market malaise. However, flat currency adjusted license revenue in the US and expected cascading economic slowdown from the US to other markets, may feel like a cutthroat competition, a loss of market share and the fact that not all troubles have been overcome.
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20%. License revenues grew 24% to EUR 458 million while consulting revenues increased 38% to EUR 458 million. However, it should be noted that license revenues in the US grew only 7%, while at constant currency rates it would be flat. The number of full-time equivalent employees at March 31, 2001, was 25,218, a 14% increase over the number at March 31, 2000. Since December 31, 2000, SAP has added more than 1,000 new employees. In the quarter, SAP announced it intention to acquire TopTier Software, an SAP