Business applications market leader SAP reported a 43% drop in net income for its first quarter ended March 31, despite a 10% increase in revenue. In a separate announcement, SAP also said that Kevin McKay, head of SAP's U.S. operations, has resigned for personal reasons.
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net income for its first quarter ended March 31, despite a 10% increase in revenue. Net income for the quarter reached $53 million, or 53 cents per share, as compared to $98 million and 92 cents, respectively, in the corresponding quarter of last year (See Figure 1). Revenue rose to $1.18 billion, from $1.08 billion a year ago. Overall, software license revenue increased by only 4% during the quarter, while maintenance revenue rose by 43% as compared to the same quarter a year ago. Consulting and