SAP is initializing a strategic review of its operations that will see the company increase its focus on its cloud business and drive further efficiencies from its operations. That move also includes SAP further reducing its reliance on Oracle as an infrastructure provider.

Beyond the standard hyperbole attached to the review focus, SAP said it will “significantly increase” its investment in core business areas and push its leadership team to speed up their decision-making processes. One of the goals of the review process is to construct a path toward a 75% cloud gross margin by 2023.

“A key component of the operational review is to position SAP as a best-in-class provider of cloud applications across any type of cloud delivery model,” the company stated.

SAP CEO Bill McDermott told analysts during a conference call that the move was not about cost reductions, but “about doing things better, smarter, and faster.”

“Coming out of our restructuring, this is about hiring intelligently lesser in quantity, but greater in quality,” he stated, according to transcripts. “It will result in more investment where it counts, which is where our customers need SAP to invest for their success.”

SAP last month announced that it would cut around 4,400 jobs companywide as part of a restructuring.

The company earlier this month announced the departure of Robert Enslin, who was a long-time executive at SAP and head of its Cloud Business Group. Enslin was quickly snapped up by Google, who named him president of global customer operations for its Google Cloud business.

SAP also stated that future acquisitions would be focused on “tuck-in” deals that are complementary to its existing portfolio.

“We have an incredibly strong core business and a high-growth cloud portfolio with years of runway for continued growth,” McDermott noted in a statement.

McDermott also told analysts that one of the main drivers for its cloud margin growth plans would be in moving its cloud business off of Oracle. SAP has been increasing its work with other cloud providers, including a deal with Microsoft to deploy each others’ cloud solutions internally, and complimentary statements from McDermott about Enslin could hint at further partnerships with Google.

The Oracle maneuver echoes a similar push by Amazon to ditch its reliance on Oracle software. According to a CNBC report last year, Amazon has already moved much of its infrastructure internally to its Amazon Web Services (AWS) division and plans to be completely off Oracle’s database software by the first quarter of 2020.

Other SAP margin drivers include standardizing its platform and infrastructure and shifting its cloud usage mix toward more public cloud platforms rather than more costly private clouds.

Unlike many strategic reviews, SAP’s announcement followed a strong financial quarter that bolstered its stock price to a new 52-week high.

SAP posted a 48% increase in cloud revenues during the first quarter of this year compared to the same quarter last year. Those cloud revenues exceeded $1.6 billion in the latest quarter.

SAP CFO Luka Mucic did note that the year-over-year increase was helped by SAP’s recent $8 billion acquisition of experience management software company Qualtrics and $2.4 billion acquisition of Callidus Software. Revenue from those companies was not included in the Q1 2018 results.

McDermott said he expects those deals to further bolster cloud revenues going forward.

“I believe as the year progresses the big story that's going to invigorate not just the cloud but also the core is Qualtrics,” McDermott told analysts. “Because this is a smoking hot category and they are by far the de facto standard.”

Overall SAP revenues increased 25% year over year to $5.34 billion. However, a $777 million restructuring charge tied to the previously noted job cuts and booked during the latest quarter hit net income, which plunged from a return of $576 million last year to a loss of $94.7 million this year.

The one-time hit was quickly overlooked by investors, who dove into the company’s stock. SAP’s shares traded heavily after the earnings were released, with its stock price surging to a new 52-week high of $130.16 per share.

One of those bullish investors was investment firm Elliott, which disclosed a new $1.3 billion stake in SAP.