German software giant SAP recently announced plans to lay off 3,000 employees, representing about 2.5% of its workforce.   CEO Christian Klein emphasized that the company is “focusing our portfolio in areas where we are strongest to continue our accelerated growth.”  The layoffs are attributed to the company’s 68% drop in net income for 2022.  The company has also announced possible plans to sell its majority stake in the U.S. business software provider Qualtrics.  SAP’s cloud business still seems promising, with a revenue increase of 33% YoY to $13.7B for 2022. Moreover, the company’s cloud unit comprised 40% of its overall revenue.   AI is another opportunity for growth that SAP intends to invest in.