Thomson Reuters said it plans to cut its workforce by 12 percent, or 3,200 positions, by 2020 as part of a push to reduce spending.
Capital outlays as a share of revenue will be down about 30 percent by 2020, Thomson Reuters said Tuesday in a presentation for investors. By that year, Thomson Reuters expects to have about 11 percent fewer products and pare its number of locations by 30 percent.
The pullback underscores efforts to exert cost discipline after third-quarter revenue came in 2.3 percent less than analysts had expected. Toronto-based Thomson Reuters outperformed on profit for the period, suggesting that the beat reflected efforts to hold down expenses.
Thomson Reuters was up 1.8% at C$67.03 at 9:47 a.m. in Toronto. The stock rose 9.1 percent this year through Monday, outperforming benchmark Canadian indexes.
Reuters reported earlier on the workforce and spending plans. Bloomberg LP competes with Thomson Reuters in providing financial news, data and analytics.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.