SAP cutting Silicon Valley jobs - Silicon Valley Business Journal

Software giant SAP SE is laying off 159 employees in Palo Alto and another 65 in San Ramon.

The German company intended to notify affected workers Monday, Megan Smith, head of human resources for its North American operations, told state and local officials in a pair of letters Monday. The job cuts will take effect around April 19, Smith said. "Changing business needs requires the company along with a number of its U.S. subsidiaries and affiliates to implement a permanent mass layoff of a portion of the employees" at the two locations, she said.The layoff notifications come about two weeks after the tech company told investors it, or about 2,700 people. SAP expects to recognize a 250 million to 300 million euro charge related to the restructuring in the first quarter.

The job cuts will affect employees who work at 3410 Hillsview Ave. in Palo Alto and 2700 Camino Ramon in San Ramon, Smith said in her letters. She did not include a list of the positions held by those it's letting go.according to Business Journal researchLast year, SAP earned 1.7 billion euros on 30.9 billion euros in sales. In the prior year, it earned 5.4 billion euros on sales of 27.8 billion euros.

The company, whose name adorns the arena where the San Jose Sharks play, is one of many Silicon Valley employers that have announced layoffs in recent months. On Monday, San Francisco-based Twilio Inc.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Silicon Valley Bank promotes two executives to key roles - San Francisco Business TimesIn a promising sign for Silicon Valley startups, a Silicon Valley Bank exec points out that VCs have hundreds of billions of dollars in dry capital to put to work. SVB_Financial
Herkunft: SFBusinessTimes - 🏆 78. / 68 Weiterlesen »

Globalgate Strikes Finance and Strategy Pact With Korea-Oriented Silicon Valley Investor Maum CapitalSilicon Valley investment firm Maum Capital Group has struck a strategic and financial alliance with Globalgate, the local-language film and TV production consortium assembled by Lionsgate. The mov… Congrats to evil Norm Macdonald
Herkunft: Variety - 🏆 108. / 63 Weiterlesen »

Why Ouster CEO Angus Pacala thinks it will survive lidar industry shakeout - Silicon Valley Business JournalPacala spoke to the Business Journal as Ouster completed its merger with rival Velodyne — and announced a new round of layoffs.
Herkunft: svbizjournal - 🏆 334. / 59 Weiterlesen »

Minnesota developer Oppidan pitches redevelopment of aging industrial site in Fremont - Silicon Valley Business JournalThe existing warehouses, all built in the mid 20th century, were previously host to manufacturing tenants.
Herkunft: svbizjournal - 🏆 334. / 59 Weiterlesen »