Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Investors Business Daily
Investors Business Daily
Technology
BENJAMIN PIMENTEL

SAP Plans To Cut 8,000 jobs In Major Restructuring

SAP is cutting 8,000 jobs as part of a major restructuring plan, the software giant announced Tuesday. SAP stock rallied in after-hours trades.

The Waldorf, Germany-based technology behemoth said the majority of the affected positions will be "covered by voluntary leave programs and internal re-skilling measures."

SAP projected restructuring expenses at around 2 billion euros ($2.17 billion) "the vast majority of which is expected to be recognized in the first half of 2024," the company said. The company said it expects to "exit 2024 at a headcount similar to current levels." SAP had 106,495 as of September 2023.

SAP stock rose more than 5% to 172 in late trades Tuesday.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.