Thomson Reuters to cut 2,500 jobs - FOX 29 News Philadelphia | WTXF-TV

Thomson Reuters to cut 2,500 jobs

Posted: Updated:

NEW YORK (AP) -- News and financial information company Thomson Reuters on Wednesday said it's cutting 2,500 jobs, or about 4 percent of its workforce, this year as it tries to reduce costs and turn around its largest division.

CEO Jim Smith told analysts on a conference call Wednesday that the company is eliminating the positions from its "Financial and Risk" division, which rents out trading terminals to the financial industry. It accounts for just over half of Thomson Reuters' revenue.

"These are not easy decisions, but our cost structure has to meet our customer's requirements," Smith said.

Thomson Reuters has about 60,000 employees.

On Wednesday, the company said it posted a profit of $372 million for the fourth quarter after a large loss in the same period a year earlier, capping what Smith called "a watershed year" in the company's turnaround.

The New York-based company earned $372 million, or 45 cents per share, in the October to December period. That's up from a loss of $2.6 billion, or $3.11 per share, in the same period a year ago, when it took a $3 billion charge related to the declining value of its financial services business, which accounts for more than half of its revenue.

Excluding one-time items, Thomson Reuters' adjusted earnings were 60 cents per share in the latest quarter, up from 54 cents per share a year ago.

Revenue fell 5 percent to $3.4 billion from $3.58 billion due to divestitures. It was up 2 percent when factoring those out.

Analysts were on average expecting adjusted earnings of 54 cents per share on revenue of $3.37 billion, according to a poll by FactSet.

Smith said the company was making progress on its key priorities, which include investing in growing sectors like intellectual property protection and legal information.

The company's stock slid 73 cents, or 2.4 percent, to $29.92 in midday trading. The stock is still close to a 52-week high of $31.18, which it hit two weeks ago.

For the full year, Thomson Reuters earned $2.07 billion, or $2.49 per share, on revenue of $13.3 billion. That compares with a loss of $1.39 billion, or $1.67 per share, on revenue of $13.8 billion in 2011.

  • Your MoneyMore>>

  • Maryland casino to interview workers from closing Atlantic City casinos

    Md. casino eyes workers from closing Atlantic City casinos

    Friday, July 25 2014 4:32 PM EDT2014-07-25 20:32:23 GMT
    AP photoAP photo
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
  • Dunkin' Donuts cashiers will try to 'upsell' you in the afternoon

    Dunkin' Donuts cashiers will try to 'upsell' you in the afternoon

    Friday, July 25 2014 5:54 AM EDT2014-07-25 09:54:31 GMT
    If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on. Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush.
    If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on. Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush.
  • iPad sales decline

    Are tablets already on their way out?

    Are tablets already on their way out?

    Friday, July 25 2014 5:50 AM EDT2014-07-25 09:50:16 GMT

    Four years ago, tablet owners starting raving about the market's newest piece of mobile technology. Last quarter, Apple iPad sales fell by 9 percent. Still, forecasting the death of the tablet seems premature and incorrect. More likely, all our devices are cross-breeding and evolving until all our calling, emailing, texting, messaging, Internetting, TV watching, all our communication happens on one mobile gadget.


    Four years ago, tablet owners starting raving about the market's newest piece of mobile technology. Last quarter, Apple iPad sales fell by 9 percent. Still, forecasting the death of the tablet seems premature and incorrect. More likely, all our devices are cross-breeding and evolving until all our calling, emailing, texting, messaging, Internetting, TV watching, all our communication happens on one mobile gadget.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices