SAP said that the jobs cut would be about 2.5 per cent of its workforce of about 112,000
Image for representational purpose only. Photo courtesy: istock
European software giant SAP joined the parade of tech companies laying off staff, announcing on Thursday that it was cutting about 2,900 jobs after the iconic US tech company IBM said it was slashing about 3,900 jobs.
ADVERTISEMENT
These numbers add to the 150,000 jobs cut last year and about 30 per cent of that number that was reported by ComputerWorld on Wednesday. SAP said that the jobs cut would be about 2.5 per cent of its workforce of about 112,000.
The Germany-headquartered company also said that it wants to dump its 71 per cent ownership of US software company Qualtrics. SAP CEO Christian Klein, in a streamed video, called the layoffs "very targeted restructuring" that would help it focus on "areas where we are strongest to continue our accelerated growth".
IBM linked the layoffs announced Wednesday to spinning off its tech services unit and the sale of its health services unit, asserting that it was not linked to revenues. IBM said that its quarterly revenue was up by 6 per cent to $16.7 billion.
IBM Chairman and CEO Arvind Krishna presented a positive picture saying: "Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model." "Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today's business environment," he added.
Read More: Should I keep working hard? Google layoff survivors ask top bosses
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
