SAP, Europe’s largest software manufacturer, is going to cut additional jobs. According to German website Heise Online, instead of 8,000 jobs, 9,000 to 10,000 of the current jobs will now disappear. At the end of the second quarter, SAP had 105,315 jobs, almost 3,000 fewer than three months earlier.
Nevertheless, despite the difficult economic situation, the company posted stronger-than-expected operating profit in the second quarter. Earnings before interest and taxes rose 33% year-on-year to €1.94 billion. Sales rose 10% to €8.29 billion. The cloud business performed particularly well with growth of 25%.
Net profit fell 69% in the second quarter to €918 million. This was mainly due to the billions in extraordinary income from the sale of former US subsidiary Qualtrics a year earlier.
The concern on Monday reiterated its outlook for the full year. In 2024, the concern anticipates cloud sales of €17 billion-€17.3 billion, up 24% to 27%.
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