SAP, the world’s largest maker of business software, surprised investors by cutting its full-year sales outlook after missing expectations for the third quarter because of slow sales in Japan and emerging markets.

“The market has still not returned to normal conditions and businesses are very cautious about spending,” said Léo Apotheker, chief executive.

While he said he expected improvement in the fourth quarter, Mr Apotheker warned that “it is an unpredictable environment and we have to be a little more patient to see a recovery.”