Tech sector layoffs continue, as SAP announced they plan to cut about 3,000 employees on Thursday, a day after IBM announced they will lay off nearly 3,900 workers.
Tech giants IBM and SAP joined the ranks of large companies laying off significant numbers of workers, as both announced that they will be laying off thousands of employees.said they were eliminating about 3,000 jobs, which amounts to about 2.5% of their workers.
"This was a difficult decision, and we are deeply aware of the personal impact of these changes," the Germany-based company said in a statement. "We will provide colleagues the care and support they need during this challenging time."FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski
The company said they were also considering selling off Qualtrics, four years after they acquired the business software firm.large-scale layoffs of their own on Wednesday, with CFO James Kavanaugh telling Bloomberg the company plans to cut roughly 3,900 employees, about 1.5% of its workforce. The layoffs will mainly be from those still with the company after it spun off Kyndryl Holdings in 2021 and Watson Health in 2022.
IBM stock's increased in value by 5.4% in 2022, but it dropped 2% on Wednesday during extended trading.The SAP and IBM cuts followacross the tech sector. Facebook parent company Meta said in November that it would cut more than 11,000 employees. Google parent Alphabet cut 15% of the employees at the health sciences division Verily, which amounts to more than 200 jobs.
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