Thomson Reuters to cut 2,500 jobs - Dallas News | myFOXdfw.com

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>>

  • Startups flock to NY TechDay

    Startups flock to NY TechDay

    Thursday, April 24 2014 6:40 PM EDT2014-04-24 22:40:26 GMT
    NY TechDay is where the hottest new startups come every year. More than 400 of them from all different countries come to check out the NYC tech scene. Our first stop at Pier 92 was Rent Hackr, a website with renter generated data to help apartment hunters. Then we checked out Karma, a portable Wi-Fi device that lets you share hot spots with friends.
    NY TechDay is where the hottest new startups come every year. More than 400 of them from all different countries come to check out the NYC tech scene. Our first stop at Pier 92 was Rent Hackr, a website with renter generated data to help apartment hunters. Then we checked out Karma, a portable Wi-Fi device that lets you share hot spots with friends.
  • Studies: office layout can affect your mental and physical health

    Studies: office layout can affect your mental and physical health

    Thursday, April 24 2014 5:13 PM EDT2014-04-24 21:13:30 GMT
    Leaving the office, most of us feel pretty exhausted. Studies now suggest that we can blame much of what ails us physically and mentally on the layout of our workspace. American companies standardized the sprawling square room divided by cubicles or nothing to foster team atmosphere. But newer research suggests that the open-plan office actually raises stress while lowering motivation and focus and maybe even reducing life-expectancy.
    Leaving the office, most of us feel pretty exhausted. Studies now suggest that we can blame much of what ails us physically and mentally on the layout of our workspace. American companies standardized the sprawling square room divided by cubicles or nothing to foster team atmosphere. But newer research suggests that the open-plan office actually raises stress while lowering motivation and focus and maybe even reducing life-expectancy.
  • Cough syrup popular in celebrities' 'sizzurp' cocktails pulled from market

    Cough syrup popular in celebrities' 'sizzurp' cocktails pulled from market

    Thursday, April 24 2014 8:00 AM EDT2014-04-24 12:00:01 GMT
    A prescription cough syrup that some celebrities like to mix with soda and hard candy is being pulled from the market, pharmaceutical company Actavis confirmed. The cough syrup-soda concoction is often called "sizzurp."
    A prescription cough syrup that some celebrities like to mix with soda and hard candy is being pulled from the market, pharmaceutical company Actavis confirmed. The cough syrup-soda concoction is often called "sizzurp."
Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

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