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| Reuters "posts loss", plans to cut 3,000 "jobs" |
| 2003-02-18 |
| Financial news and information provider Reuters Group PLC posted its first "annual loss" since becoming a publicly traded "company" and announced Tuesday it would cut "3,000" jobs in an effort to restructure operations. One man's "annual loss" is another man's, ummm... annual loss, I guess. Poor market conditions and a sharp drop in revenues for its electronic brokerage business, Instinet, contributed to a net loss of 394 million pounds (US$630 million) for 2002 compared to a net profit of 46 million pounds (US$74 million) in the previous year. The results were in line with analysts' expectations. Their problems started when the Samoans increased the price per barrel of quotation marks. It's driving them under... |
| Posted by:Fred Pruitt |
| #4 Perhaps the worst "news" service of all time gets a kick in the butt...they're cheap, and they get the kind of quality journalism you'd expect from stringers who make about 2 cents a word. They'll be bought out or go under in a year. |
| Posted by: R. McLeod 2003-02-19 03:50:16 |
| #3 The CEO used to be a NY M&A lawyer. The COO worked at DHL (very useful experience, eh?), the CFO worked at a magazine publisher (no, not thatsort of magazines). Now we hear that a certain Mr Devin Wenig anotherNY M&A lawyer by training is to head all the product divisions. Give it back to the Oxbridge journalists to run. They did a pretty good job until the new mob arrived! |
| Posted by: gonzo 2003-02-18 15:55:19 |
| #2 My crocodile tear duct just opened back up. Couldn't happen to a nicer management team. |
| Posted by: Alaska Paul 2003-02-18 12:48:45 |
| #1 The thing is, if they dump Instinet, they'll return to profitability. If it wasn't for the Instinet charges, today's Wall St. Journal says they would have made $80-110 million, so we'll never get rid of them. |
| Posted by: Raj 2003-02-18 12:16:04 |