SAP said on Thursday it planned to cut 3,000 jobs, or 2.5% of its global workforce, and explore the sale of its remaining stake in Qualtrics, as the Germany software company looks to cut costs and focus on its cloud business.
"We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024," Chief Financial Officer Luka Mucic said in a call with journalists.The layoffs come after SAP reported a 30% revenue increase in its cloud business in the fourth quarter, helped by strong demand for its software.. It bought the company for $8 billion in 2018 and took it public in 2021 at a valuation of nearly $21 billion.
" would result in a quite significant one-time gain," Mucic said. "This would materially increase the profit performance of SAP, but it's currently not reflected in the outlook."
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SAP to cut 3,000 jobs in efficiency move, explores Qualtrics stake saleSAP on Thursday said it plans to cut 3,000 jobs, or 2.5% of its global staff, and to explore a sale of its remaining stake in Qualtrics to focus on strategic growth areas and operate more efficiently.
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