German SAP, a global leader in professional software, announced on Wednesday that it will eliminate more than 3,000 jobs this year to save up to 350 million euros as demand declines.
The company, like many others amid a deepening economic slowdown, stated that the job reductions will allow for "adjustment to difficult market conditions." SAP employs 51,000 people, according to the company’s website. Furthermore, the statement noted that SAP will not provide forecasts for this year due to "limited visibility" in its business. The company reported that its net profit in 2008 decreased by two percent compared to the previous year, to 1.88 billion euros. At the same time, the company’s total revenues increased by 13 percent year-on-year, to 11.6 billion euros. (H)
