Maybe IF They Told The Truth They Wouldn’t Have To: Thomson Reuters Laying Off 2,000 To “Streamline Business”

In a moment of self-referential irony, moments ago Reuters reported that Thomson Reuters said on Tuesday it would eliminate about 2,000 jobs worldwide and take a fourth-quarter charge of $200 million to $250 million to “streamline its business” – translation: legacy media operations continue to lose money. The restructuring across 39 countries and 150 locations would mainly affect the Financial & Risk business and the Enterprise, Technology & Operations Group, the news and information company said. It employs about 48,000 people globally, a spokesman said.

from Zero Hedge: 

thompson-reuters“We are taking these actions now because we see a real opportunity to break down internal silos, position ourselves closer to customers and become more agile,” Chief Executive Officer Jim Smith said.

Thomson Reuters is the parent of Reuters News. There will be no decline in headcount in the Reuters newsroom, according to a memo to employees. The company earlier reported lower third-quarter net earnings. Net income was $286 million or 36 cents per share, compared with $293 million or 36 cents per share, a year earlier. On a non-GAAP basis, earnings were 54 cents per share.

Reuters also lowered its 2016 forecast for underlying operating profit margin to between 16 percent to 17 percent, from 18.4 to 19.4 percent.

Revenue was up 1 percent at $2.74 billion before currency effects and was flat when they were factored in. The company reiterated its forecast of 2 percent to 3 percent revenue growth for the year.

In the Financial & Risk segment, which provides news and analytics to financial services companies, sales outpaced cancellations for the 10th straight quarter. Overall, unit revenue was flat at $1.52 billion.

Read More @ Zero Hedge.com

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