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.
