SAP to restructure 8,000 jobs in push towards AI, shares hit record

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Go back to SAP to restructure 8,000 jobs in push towards AI, shares hit record

SAP hits record high on AI-focused job restructuring plan; Jefferies sees upside

January 24, 2024 5:27 AM EST

Shares of SAP SE (NYSE: SAP) jumped more than 6% in premarket trading Wednesday after the company reported Q4 financial results and announced a plan to restructure 8,000 jobs to focus on AI efforts.

The companys Frankfurt-listed shares soared 6.28% to an all-time high.

The German software firm posted fourth-quarter EPS of 1.41 EUR, missing the consensus estimates of 1.74 EUR. Revenue came in at 8.47 billion EUR, also below the expected 9 billion EUR.

Cloud revenue grew 20% in the 2023 fiscal year, or 23% at constant currencies.... More