The German software developer for companies SAP will lay off 2.5% of its workforce, which means cutting some 3,000 jobs. The company announced it when presenting its accounts for 2022, in which its attributable net profit fell by 56.4%, to 2,290 million euros.
The company detailed that in 2023 it will carry out a restructuring in selected areas with the aim of focusing on those of strategic growth, as well as strengthening its core business and improving overall efficiency. The restructuring will have a cost of between 250 and 300 million that will be accounted for in the first quarter of 2023. The idea is that the decision entails savings of 350 million per year in costs from 2024.
In this way, the cut in large technology companies makes the leap to the European continent. The profit drop is due to the impact of the company's withdrawal from Russia and Belarus. The company entrusts its future to the cloud: between October and December, SAP's remote revenues increased by 30%, up to 3,392 million. But analysts are concerned that the business could be hit hard by cutting customer spending.
In addition to the employment adjustment, SAP has decided to explore the sale of its stake in Qualtrics, its US analytics subsidiary, acquired in 2018.
