Categories: OLD Media Moves

Thomson Reuters performance helped by job cuts

Thomson Reuters reported second-quarter profits that rose, partly due to job cuts, reports Greg Bensinger of Bloomberg News.

Bensinger writes, “Revenue in the professional division, including legal and tax products, gained 4 percent, excluding the impact of currency translations. Sales in the markets unit were little changed on that basis, as growth in the enterprise segment countered declines in sales and trading, as well as media.

“The company said it plans to reach at least $1 billion in annualized savings by year-end from the integration, up from a previous estimate of $975 million.

“‘The most significant portion of savings to date is related to headcount and the vast majority of these initiatives have now been completed,’ Chief Financial Officer Bob Daleo said on the conference call.”