SAP to restructure 8,000 jobs in push towards AI, shares hit record

FILE PHOTO: The logo of SAP is seen on their offices in Reston, Virginia, U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) -Shares of SAP SE jumped 7% to an all-time high after the German software firm forecast growth in cloud revenue and said it will restructure roles for 8,000 jobs to focus on growth in artificial intelligence (AI)-driven business areas.

The company said it will spend 2 billion euros ($2.2 billion) on the programme to either retrain employees with AI skills or to replace them through voluntary redundancy programs.