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massive job Cuts sweeping through the tech sector showed no sign of slowing down Thursday software joint sap said it planned to cut 3 000 jobs or two and a half percent of its Global Workforce the German firm follows Microsoft Amazon and alphabets Google in announcing huge layoffs it also comes a day after IBM said it would shed 3 900 jobs the US Giants all blamed tougher economic conditions sap wants to cut costs and focus on its Cloud business its also explored a sale of its 71 stake in survey software seller qualtrics The Firm has a current market valuation of seven billion dollars thats well down on the 21 billion dollar value qualtrics had when it went public two years ago the layoffs come despite sap reporting a 30 rise in Revenue at its Cloud business in the fourth quarter its forecast core operating profit of up to 9.7 billion dollars for the year and expects Cloud Revenue you to docHub around 17 billion dollars shares in The Firm were down over three percent in early trade
