news/GOOGL/2023.01.26/Software giant SAP to cut 3,000 jobs.txt

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.