SAP(SAP) - Get Report  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 billion, up from its previous estimate of €2.95 billion. It maintained its upper-end sales prediction at €3.05 billion.

SAP shares advanced 3.28% in Frankfurt trading to €81.91, within touching distance of an all-time high of €82.20. The stock was the leading performer on Germany's DAX benchmark. SAP shares have advanced 23% in the past 12 months.

The full-year outlook tweak came as the company announced above-forecast third-quarter results. SAP on Friday reported a strong performance from SAP S/4Hana, a product that includes a cloud platform. SAP's competitors include Microsoft(MSFT) - Get Report , IBM(IBM) - Get Report and Oracle(ORCL) - Get Report   .

For the three months through Sept. 30, SAP reported non-IFRS operating profit of €1.64 billion on total revenue of €5.38 billion. Revenue advanced 1% year-on- year and slightly exceeded the market consensus of €5.31 billion.

SAP reported a 9% jump to €4.46 billion in cloud and software revenue, as well as a 29% jump to €769 million from its smaller cloud subscriptions and support division. The company also said it added more than 400 customers for SAP S/4Hana, noting that 40% of the additions were "net new SAP customers."

"Strong customer adoption of the SAP portfolio is driving results beyond expectations," said CEO Bill McDermott. "The S/4HANA innovation cycle is the fastest in our history and is catalyzing the performance of all SAP cloud solutions."

Cloud and software revenue grew in all of its three business regions. Sales in that division were up 8% in Europe, the Middle East and Africa, 9% in the Americas, and 8% in Asia Pacific.