News Corp said Thursday that it would cut 5% of its workforce, or 1,250 jobs, after the media conglomerate fell short of quarterly Wall Street estimates for profit and revenue, hurt by declines across its businesses, including news. The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp , which Rupert Murdoch , News Corp executive chairman and Fox co-chairman, scrapped in January. A slump in advertising spending by businesses hit by rising inflation and higher interest rates has dented one of the major sources of revenue for companies such as News Corp (NWS) , which publishes the Wall Street Journal. “A surge in interest rates and acute inflation had a tangible impact on all of our businesses,” Chief Executive Robert Thomson said in a statement. Shares of the company were down nearly 3% in extended trading Thursday. To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts. The layoffs will be made across all businesses and result in annual savings of at least $130 million. The company said that in the third quarter it expects to see one-time costs related to […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
