SAP SE (NYSE:SAP) reported its Q2 earnings results on Thursday, with a profit of €0.62 per share on revenue of €7.55 billion, compared to the Street estimate of €0.54 and €7.2 billion, respectively.

However, SAP's Cloud and software revenue was reported at €6.51 billion, falling short of the average analyst expectations. Similarly, cloud-only revenue came in at €3.32 billion, also below analysts' expectations. Despite this, the cloud revenue showed a year-over-year increase of 22% at constant currency rates.

SAP adjusted its full-year operating profit outlook modestly, raising it to a range of €8.65 to €8.95 billion, up from the prior forecast of €8.6 to €8.9 billion. Nevertheless, the cloud revenue forecast was lowered to €14.1 billion, down from the previous forecast of €14.2 billion.