Reuters revenue fall to initiate 3,000 job losses

Information company, Reuters Group announced that its Q1 core subscription revenues, which account for almost 90% of the company’s overall revenues, fell by 9.1%.

According to the company, these results are inline with its expectations.

Reuters expects a further 11% drop in subscription revenues during the present quarter.

As part of the company’s efforts to streamline its cost base, it also announced that it intends to cut up 3,000 jobs in the next three years.

This figure will leave the size of its workforce at 13,000 and come in spite of 3,000 cuts already made since mid-2001.

According to Reuters CEO Tom Glocer, "We are pleased with the progress we made this quarter in what continues to be a tough market.

"Revenues were in line with our expectations and we saw some good sales wins".