FILE ---The headquarters of German software maker SAP in Walldorf near Heidelberg in this Nov. 5, 2003 file photo. (AP Photo/Michael Probst,file)BERLIN (AP) — SAP said Thursday that it is cutting up to 3,000 jobs worldwide, or about 2.5% of its workforce, after a sharp drop in profits at Europe’s biggest software company.
It comes amid a broader wave of job cuts in the technology industry, including mass layoffs at Google, Amazon, Microsoft and other tech giants in recent weeks.
SAP announced its cuts as the company said full-year profits fell 68% in 2022 compared to the previous year, to 1.71 billion euros ($1.87 billion).
“This was a difficult decision, and we are deeply aware of the personal impact of these changes,” the Germany-based company said in a statement. “We will provide colleagues the care and support they need during this challenging time.”
SAP said it is also exploring the sale of business software provider Qualtrics four years after it purchased the company.
Before you consider Microsoft, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Microsoft wasn't on the list.
While Microsoft currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Do you expect the global demand for energy to shrink?! If not, it's time to take a look at how energy stocks can play a part in your portfolio.
Get This Free Report
