SAP, one of the world’s largest software companies, has announced plans to cut up to 3,000 jobs worldwide and explore a sale of its Qualtrics stake. The move is part of a larger effort to restructure the company and refocus its investments.

The company’s CEO, Christian Klein, said the cuts are necessary in order to “ensure the future success” of the company. He also said that the sale of Qualtrics, a cloud-based customer experience platform, would allow SAP to focus on its core business.

The restructuring is expected to cost SAP up to $1.5 billion in the short term, but the company believes that the long-term benefits will outweigh the costs.

Despite the restructuring, SAP’s cloud business remains strong. The company’s Q4 earnings are expected to dip slightly, but analysts believe that the company’s cloud offerings will continue to be a major source of revenue.

SAP’s plans are likely to have a significant impact on the tech industry. The company’s restructuring and sale of Qualtrics could open up new opportunities for other tech companies and signal a shift in the industry’s focus.