This is the best summary I could come up with:

SAP shares jumped more than 9% on Wednesday and hit record levels after the software giant announced restructuring plans affecting thousands of jobs, as the company prepares for generative AI to fundamentally change its business.

“With the planned transformation program, we are intensifying the shift of investments to strategic growth areas, above all Business AI,” said Christian Klein, CEO.

Global tech companies including Google and Microsoft have announced layoffs recently as they are embracing artificial intelligence software and making their workload increasingly more automated.

SAP expects that the transformation will increase efficiency so much that the operating profit will be raised by half a billion euros in 2025.

The annual earnings beat expectations and boosted share prices further after the company’s stocks soared by more than 50% throughout the last 12 months.

The annual revenue of its key cloud business saw a 20% jump, as SAP expects accelerated growth in this segment in 2024.

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