West News Wire: Following a dramatic decline in profitability at Europe’s largest software business, SAP announced Thursday that it is axing up to 3,000 positions globally, or around 2.5% of its staff.

It occurs in the midst of a larger wave of job losses in the technology sector, which has recently seen widespread layoffs at corporate behemoths like Google, Amazon, Microsoft, and others.

In addition to announcing its layoffs, SAP also reported that its full-year profits decreased 68% to 1.71 billion euros ($1.87 billion) in 2022 from the prior year.

The company, which has its headquarters in Germany, said in a statement, “This was a difficult decision, and we are acutely conscious of the personal consequences of these changes. “We will provide coworkers the attention and assistance they require during this trying time.”

SAP said it is also exploring the sale of business software provider Qualtrics four years after it purchased the company.

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