From CNBC:

Shares of German software company SAP soared to an all-time high after the release of financial results and announcement of a plan to restructure 8,000 jobs in a push toward artificial intelligence growth. Revenues increased 5% year-over-year in the fourth quarter of 2023, with the stock jumping about 50% over the year – its best performance since 2012. SAP plans to carry out voluntary buyouts or support job changes for 8,000 staff, which is over 7% of its 108,000 full-time workforce.

Chief Financial Officer Dominik Asam stated that the move is part of the company’s aims to “fully capitalize on the opportunity” of artificial intelligence. He noted that the company would commit around $2 billion to the plans over the coming two years. Asam also stated that the company “cannot exclude that there will also be non-voluntary departures” as a result of the changes. Asam said the company’s cloud computing business is still growing, but noted that there had been a significant “deceleration” in demand for software services.



Read more: SAP shares surge to all-time high after results, plans to restructure 8,000 jobs in push to AI