First quarter results for SAP AG (SAP), reported on April 17, fell short of analyst expectations. The German software developer reported IFRS revenues of €3.7 billion ($5.11 billion U.S.) compared to our estimate of €3.8 billion ($5.25 billion U.S.). Consensus first quarter estimates for SAP also were approximately €3.8 billion. Non-IFRS revenues, which exclude currency fluctuations and deferred revenue adjustments, expanded 6% to reach €3.9 billion ($5.39 billion U.S.) for the first quarter.