Layoffs continue in the technology sector. The latest giant to announce them is SAP, a multinational company based in Germany among the world leaders in the sector of IT solutions for companies, which today announced it is cutting up to 3,000 jobs, about 2.5% of its workforce work.
As stated by the CEO of SAP, Christian Klein, “we intend to carry out a very targeted restructuring in selected areas of the company”. “We are further focusing our portfolio in the areas where we are strongest to continue our accelerated growth,” comments Klein.
The announcement of the big layoff came after the company reported positive fourth-quarter results.
“For the full year, we met our guidance across the board with cloud revenues growing 24%, up five percentage points from 2021.” “Cloud revenue is accelerating once again and growing 90%. We also returned to positive operating profit growth of 2%,” concludes Klein.
Finally, the company also announced it would consider selling its stake in US business software provider Qualtrics, which it acquired in November 2018 for $8 billion.
Meanwhile, SAP shares are currently trading at par after suffering an intraday drop of more than 2% following the release of the announcement.