SAP CEO Christian Klein disclosed that the company plans to lay off around 3,000 employees from its CRM business and undergo a restructuring in select areas.  Klein made the announcement during the company’s Q4 financial results conference call. SAP also said it is abandoning its standalone CRM product to focus on flagship products, such as the S/4HANA application suite and Business Technology Platform (BTM). The decision to cut around 2.5% of its workforce comes after the company reported a 2022 yearly revenue increase of 11%, reaching €30.9B (~$33.6B). SAP is also exploring the sale of its majority stake in customer experience platform Qualtrics, which it acquired in 2019. In January 2021, SAP sold a minority stake in the company via an IPO.