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Shares of SAP SE jumped 7 per cent to an all-time high after the German software firm forecast growth in cloud revenue and said it will restructure roles for 8,000 jobs to focus on growth in artificial intelligence (AI)-driven business areas.
The company said it will spend 2 billion euros ($2.2 billion) on the programme to either retrain employees with AI skills or to replace them through voluntary redundancy programs.
SAP to restructure 8,000 jobs in push towards AI, shares hit record
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SAP to restructure 8,000 jobs in push towards AI, shares hit record
SAP to restructure 8,000 jobs in push towards AI, shares hit record
FILE PHOTO: The logo of SAP is seen on their offices in Reston, Virginia, U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo
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24 Jan 2024 06:32AM (Updated: 24 Jan 2024 05:20PM)
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:Shares of SAP SE jumped 7 per cent to an all-time high after the German software firm forecast growth in cloud revenue and said it will restructure roles for 8,000 jobs to focus on growth in artificial intelligence (AI)-driven business areas.
The company said it will spend 2 billion euros ($2.2 billion) on the programme to either retrain employees with AI skills or to replace them through voluntary redundancy programs.
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SAP, which expects to end 2024 with a headcount similar to current levels, started experimenting with OpenAI's ChatGPT as soon as the generative AI technology started gaining traction and announced plans to embed it in its products early last year.
The German company now expects GenAI to fundamentally change its business and has pledged to invest more than $1 billion by backing AI-powered technology startups through its investment arm Sapphire Ventures.
"The right adjustments are being made and the company is being reorganised to prepare it for the age of artificial intelligence," said investment strategist Jürgen Molnar at brokerage RoboMarkets.
"Even if some employees are likely to fall by the wayside, HR policy is less of a cost issue and more of a strategic one, in which many new opportunities are also likely to arise," he said. Tech companies including global giants such as Google and Microsoft have embarked on a wave of layoffs in recent months as they look to shift their focus to artificial intelligence software and automation to lighten workloads.
Most of the restructuring costs would be in the first half of the year, and contribute 500 million euros to operating profit in 2025 due to efficiency improvements.
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