German SAP cuts 3,000 jobs
- Alexander Fäh
- Jan 26, 2023
- 1 min read
The German software company SAP is cutting 3,000 jobs worldwide.
3,000 layoffs despite record profits; Image: Economic Times
SAP announced today that 3,000 jobs will be cut worldwide. This is to cut costs and focus on the cloud business. The layoffs were announced after the company reported a 30% increase in revenue.
SAP also plans to sell its shares in Qualtrics. These were bought in 2018 for $8 billion. Currently, SAP has a 71% stake. How much these shares are worth today is not known.
CEO Christian Klein also signed a partnership with BMW yesterday - one of the biggest deals ever for SAP.
