SAP Announces Restructuring Plan Covering 8,000 Employees, Provides 2024 Outlook

T-Reuters01-24

Germany's SAP SE (SAP), opens new tab on Tuesday announced its plan to carry out a company-wide restructuring covering roughly 8000 employees, and also provided its revenue outlook for full-year 2024.

SAP shares jumped 5% on the news.

The business software maker said it forecast 2024 cloud revenue at 17 billion euros ($18.45 billion) to 17.3 billion euros and also updated its 2025 outlook forecasting adjusted cloud gross profit of approximately 16.2 billion euros.

The company reported a 20% rise in fourth-quarter cloud revenue at 3.70 billion euros.

SAP's restructuring programme would be implemented through voluntary leave programs and internal re-skilling measures, the company said, adding it expects to exit 2024 with a headcount "similar to the current levels".

Restructuring expenses are preliminarily projected at around 2 billion euros, the company said, adding the vast majority of the expenses is expected to be recognised in the first half of 2024, impacting operating profit.

($1 = 0.9215 euros)

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