China slowdown weighs on tech giant SAP

Slowing growth in China - the world's second largest economy - has hit second-quarter earnings for several technology firms with German firm SAP indicating that it has cut its outlook for its software revenue this year.

"We do see the general slowdown," co-Chief Executive Jim Hagemann Snabe said.

"I think it's a short term slowdown because when I speak to customers they all talk about how they need to advance their business, be more global and use technology to be more efficient."

(Read More: Intel cuts revenue forecast amid slump in PC sales)

SAP said it expected revenues from software to grow by at least 10 percent this year, compared with a previous outlook for 11-13 percent growth. Shares fell by 2.83 percent on Thursday morning.

Slowing growth for China also has chip maker Intel concerned. China's gross domestic product (GDP) slowed in the second quarter, coming in at 7.5 percent year-on-year, down from 7.7 percent in the first three months of the year. Societe Generale, now even predicts that GDP could sink to between 4-5 percent in seven years' time.

"China is a worry," Peter Gleissner, managing director of Intel Europe told CNBC Thursday, indicating that there were now bright spots in Europe that the firm could take advantage of.

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"Certainly emerging markets are not performing at the level we are expecting them to perform."

By's Matt Clinch. Follow him on Twitter @mattclinch81.