SAP’s revenue rose 11% in 2022 with the cloud component of that climbing 33%, but net income dropped 68%, prompting restructuring and layoffs in its CRM activities.
The company is also exploring selling its majority stake in Qualtrics, the experience management platform it bought for $8 billion in 2018, to refocus on its core business.
SAP already sold a minority stake in Qualtrics in an IPO in early 2021 and CEO Christian Klein (pictured) said he expected to continue to partner with Qualtrics going forward, but the sale would allow SAP to reinvest in other areas of its business.
