SAP shares fall after job cuts

NEWS Shares in SAP took a tumble today after the company announced it would cut seven per cent of its US workforce. In Frankfurt, shares were down 2.14 per cent to E150 (£93) by 10:15 (GMT), while SAP's US listing closed down 2.67 per cent last night. SAP will axe 300 jobs from its 4,500-strong US workforce as part of an overall restructuring programme requiring all divisions to halve fourth quarter costs. SAP has beaten analyst forecasts for three consecutive quarters but posted disappointing third quarter results in October after sales to major aviation customers fell in the aftermath of 11 September.