SAP shares dipped over 2% despite reporting software and related service revenues of €2.3bn (£1.9bn) in preliminary financial results for the second quarter of 2010, up 16% compared with a year ago.
Software revenues alone were up 17% to €637m and total revenues were up 12% to €2.9bn.
But investors were disappointed by the conservative business outlook for the full year, according to the Financial Times.
SAP said it expected revenues from software and related services in the SAP business to climb by 6% to 8% in the full year, within the previously forecast range of 4% to 8%.
SAP said it expects overall software and software-related service revenue for 2010 to increase between 9% and 11%, including the contribution of Sybase, acquired this year for $5.8bn.
The year-on-year increase of 16% in software and service revenues for the quarter shrinks to a growth of 8% if adjusted for currency fluctuations, analyst said.
This does not compare well with rivals like Oracle and Microsoft, which both reported double-digit growth in the past quarter.
SAP's net profit rose by 15% to €491m, but that was also below analysts' expectations.