The bleeding in the tech industry continued last week as SAP announced that it would eliminate up to 3,000 jobs, which will comprise approximately 2.5% of its total workforce.

In its Jan. 26 statement, SAP positioned the cuts as part of a “targeted restructuring” as it focuses on the cloud market.

“This organizational reprioritization deepens our focus on delivering lifetime value to current and new customers in the cloud and on high-growth opportunities where SAP can lead,” SAP said in a statement from its Jan. 26 earnings provided to InformationWeek.

SAP also announced it will explore selling its stake in Qualtrics, a customer…