IBM and SAP became the latest technology companies to announce job reductions.  With the announcements, an estimated 210 tech companies have now laid off 67,268 employees so far in 2023, according to Layoffs.fyi data. IBM layoffs: IBM expects to cut 3,900 positions, or 1.5% of its global workforce, after it missed its yearly cash target. The layoffs stem from IBM's spinoff and sale of two business units, the Kyndryl infrastructure services provider and a portion of its Watson Health AI division. IBM will continue to hire in "higher-growth areas." SAP layoffs: Europe’s largest software company said it would cut 2,800 employees or about 2.5% of its total workforce. The targeted restructuring will allow SAP to invest in core areas, such as its cloud unit, that will help maintain competitiveness, SAP CEO Christian Klein said. Germany-based SAP is also exploring a sale of its majority stake in software subsidiary Qualtrics International Inc.