"We will continue to manage this company for value, not short-term margin maximisation," Klein told analysts on a conference call, adding SAP would investigate growth opportunities even if margins are squeezed in the short term as a result.

SAP said earlier it planned to float a minority stake in Qualtrics, the U.S. specialist in measuring online customer sentiment that it acquired less than two years ago for $8 billion.

SAP plans to update investors on its medium-term plans at a capital markets day in the fourth quarter.

(Reporting by Douglas Busvine; Editing by Michael Nienaber)