SAP said Thursday it is cutting up to 3,000 jobs worldwide, or about 2.5% of its workforce, after a sharp drop in profits at Europe’s biggest software company.

It comes amid a broader wave of job cuts in the technology industry, including mass layoffs at Google, Amazon, Microsoft and other tech giants in recent weeks.

SAP announced its cuts as the company said full-year profits fell 68% in 2022 compared to the previous year, to 1.71 billion euros ($1.87 billion).

“This was a difficult decision, and we are deeply aware of the personal impact of these changes,” the Germany-based company said in a statement. “We will provide colleagues the care and support they need during this challenging time.”

SAP said it is also exploring the sale of business software provider Qualtrics four years after it purchased the company.