SAP, Europe's most valuable technology company, reported that third-quarter revenue growth slowed after a strong first half and profits came up just short of analysts' expectations.

Core profit excluding special items rose by 4 percent to 1.64 billion euros ($1.94 billion) at constant currency rates, SAP said, below the 1.69 billion euros expected by analysts in a Reuters poll.

Nonetheless, SAP said it was confident it could meet or beat its financial targets for the full year, as it modestly raised the midpoint of its outlook for 2017 revenue and core profits.

Revenue for the German business planning software provider grew 8 percent to 5.59 billion euros from a year earlier, falling short of the mean forecast of 5.71 billion euros from 16 analysts surveyed by Reuters.