Categories: OLD Media Moves

Thomson Reuters cutting jobs as profit rises

Thomson Reuters, the parent of the Reuters news service, plans to cut up to 4 percent of its workforce, or 2,500 jobs, while its profit rises.

Jennifer Booton of Fox Business writes, “The company said on Wednesday that it expects to spend about $100 million on severance costs, predominantly in the first quarter. A majority of the cuts will take place in its finance and research division.

“Shares of Thomson Reuters slumped 2% in morning trade.

“The New York–based publishing and financial services giant said its turnaround is about halfway complete and remains on track, which includes simplification across the business, improved transparency, disciplined spending and leadership transformation.

“The overhaul efforts position Thomson Reuters to ‘build a foundation for stability in 2013 and profitable growth in 2014.’ The company said net sales will gradually improve with product rollouts, customer service improvements and consolidation.

“The announcement comes as Thomson Reuters posts fourth-quarter operating profit of $658 million, up 2% from $646 million a year ago.

“Excluding one-time items, it earned 60 cents a share, topping average analyst estimates of 55 cents in a Thomson Reuters poll.”

Read more here. Talking Biz News wrote about the job cuts in editorial last month.
Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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