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SAP Shares Near Record Highs as Customers Get on its Cloud

SAP (SAP) shares neared a record high Friday after Europe's largest software group raised its full-year earnings forecast after its cloud business gained traction in the third quarter.

The Walldorf, Germany-based company lifted the bottom end of its operating profit guidance for 2016 to €6.5 billion ($7.1 billion) on a non-IFRS and a constant currency basis, up from its previous guidance of €6.4 billion. It maintained the upper end of its forecast at €6.7 billion.

The group also lifted the bottom end of its revenue forecast from cloud subscriptions and support businesses to €3.00...