SAP plans to sell its stake in Qualtrics, cut 3,000 jobs to boost profit

SAP SE is planning to cut about 3,000 jobs this year while exploring a sale of its remaining stake in Qualtrics International Inc. as the company looks for ways to boost profit.

The German software company expects adjusted operating profit for 2023 to rise to a range of €8.8 billion ($9.6 billion) to €9.1 billion at constant currencies, according to a statement on Thursday. That beat the average €8.65 billion forecast by analysts in a Bloomberg survey.

SAP Chief Executive Officer Christian Klein said in a call with reporters that the job cuts were a strategic move and “not related to our business momentum.”

The shares dropped 3.3% to €102.48 at 9:14 a.m. in Frankfurt on Thursday. The stock has declined about 12% in the last 12 months.