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In December 2022, SAP employed more than 112 thousand people. With the job cuts, it could affect around 2.5% of the workforce. The company announced it will cut approximately 2,800 employees.
SAP announced this Thursday, 26, at a headquarters in Walldorf that it will account for most of the 250 million euros and 300 million in restructuring costs at the end of the current quarter. The expectation is that this program will generate annual savings of up to 350 million euros in 2024. However, SAP’s initiative came shortly after major U.S. tech companies, Microsoft, Meta, Platforms (Facebook), and even Google announced plans to eliminate jobs.
The job cuts at the German company SAP will occur shortly after it grew less than expected in the fourth quarter of 2022, with 8.44 billion euros compared to 7.98 billion euros in the same period of 2021. Thus, in that same comparison, only the revenue from the cloud unit advanced from more than 2.61 billion euros to 3.39 billion. Analysts surveyed by FactSet had predicted a total of 8.51 billion euros and cloud revenue of 3.44 billion euros.
The staff cuts will not be limited to SAP; earlier this week, Spotify also announced a cut of 6% of its workforce, which corresponds to 600 employees. The platform, based in Sweden, has approximately 9,800 professionals, of which 5,400 are from the United States and 1,900 in the home country.
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Initially, one of the reasons for the cuts that have an impact is the limited number of subscribers. Thus, in October of last year, the company reported a 21% growth in revenue, resulting in 3 billion euros, which led to a number of paid subscribers.
It saw a 19% increase in earnings from ads and even through a podcast. This loss tripled the numbers to over 288 million euros. At that time, the excuse was the growth in the number of employees, which elevated advertising costs.
Thus, around 55,324 professionals were affected by mass layoffs that started in 2023. Moreover, in Brazil, about 720 people lost their jobs; however, this process of adjustments shows no signs of ending.
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