Software giant SAP to cut 3,000 jobs
STORY: Massive job cuts sweeping through the tech sector showed no sign of slowing down Thursday (January 26).
Software giant SAP said it planned to cut 3,000 jobs - or 2.5% of its global workforce.
The German firm follows Microsoft, Amazon and Alphabet's Google in announcing huge layoffs.
It also comes a day after IBM said it would shed 3,900 jobs.
The U.S. giants all blamed tougher economic conditions.
SAP wants to cut costs and focus on its cloud business.
It has also explored a sale of its 71% stake in survey-software seller Qualtrics.
The firm has a current market valuation of $7 billion.
That's well down on the $21 billion value Qualtrics had when it went public two years ago.
The layoffs come despite SAP reporting a 30% rise in revenue at its cloud business in the fourth quarter.
It has forecast core operating profit of up to $9.7 billion for this year, and expects cloud revenue to reach around $17 billion.
Shares in the firm were down over 3% in early trade.
