Home Business Thomson Reuters Posts 4Q Profits Of $372 Million, Cuts Jobs

Thomson Reuters Posts 4Q Profits Of $372 Million, Cuts Jobs

Thomson Reuters Corporation (USA) (NYSE:TRI) (TSE:TRI) posted fourth quarter profits, compared to the losses it posted last year. The company reported profits of $372 million, which was bolstered by lower operating costs. The company also didn’t have the large impairment charge it had last year at the same time.

The company’s earnings report indicates 45 cents earnings per share, versus last year’s losses of $3.11 per share, or $2.57 billion. Operating expenses for the company’s fourth quarter fell to $2.47 billion, compared to $2.6 billion during the same quarter last year.

Revenues for Thomson Reuters Corporation (USA) (NYSE:TRI) (TSE:TRI) fell to $3.4 billion, compared to $3.58 billion. The company’s guidance for this year was for low single-digit revenue growth.

Shares of Thomson Reuters Corporation (USA) (NYSE:TRI) (TSE:TRI) fell about 2 percent in spite of the improvement over last year’s numbers, likely because of the company’s guidance for slow growth. Nonetheless the stock remained close to its one-year high of $31.18 per share.

The company also announced plans to eliminate 2,500 jobs this year. That amounts to about 4 percent of the company’s workforce. CEO Jim Smith told investors today that the positions will come from the company’s Financial and Risk division, which makes up a little more than half of the company’s revenue. He said right now Thomson Reuters Corporation (USA) (NYSE:TRI) (TSE:TRI) is about halfway through its efforts to trim costs and turn around its financial and risk division. The company is focusing on cutting costs in order to increase its profits.

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