German software company SAP to lay off 3,000 jobs
German software company SAP, trying to cut costs and focus on its cloud data technology unit, announced it plans to lay off 2.5 percent of its employees worldwide, or 3,000 people, and consider selling of a majority stake in its survey software producer. Qualtrics subsidiary.
With this plan, SAP joined technology companies such as Alphabet, Amazon.com, Microsoft Corp, which have recently laid off thousands of people.
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Amazon CEO Andy Jassy said in a statement on January 5 that the layoffs would top 18,000 as part of the previously announced downsizing.
Microsoft Corp announced on January 19 that it would lay off 10,000 jobs.
The CEO of Google’s parent company Alphabet announced in a note to his employees on January 20 that Alphabet would lay off 12,000 people.
Other tech companies, like Facebook’s parent company Meta and Twitter, also laid off thousands of people last year.
SAP has also begun the process of selling its 71 percent stake in Qualtrics, which it bought for $8 billion in 2018 and went public in 2021 at a valuation of about $21 billion.
Survey software provider Qualtrics currently has a market capitalization of $7 billion. (Reuters)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
