Reach Plc announced on Wednesday that its operating profit would miss market expectations, leading to an expected 4 percent cut of its workforce, including journalists and commercial teams.
The British news publisher is struggling with weak digital and print advertising. Shares plummeted 24 percent digital revenue falling nearly 6 percent.
Print advertising revenue also slumped about 20 percent in the three months to Dec. 25.
As a result, Reach has decided to cut costs with the aim of saving at least £30 million or $36 million.