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Reuters cuts dividend amid job cuts

Published on .

London--Reuters plc, the global news and information service, on Tuesday said it would cut its dividend for the first time since the media group became a listed company in 1984. Reuters CEO Tom Glocer said the company is also cutting 500 jobs within the next two years, on top of 1,100 job cuts announced in July. All told, the cuts amount to 10% of the company's work force and are expected to generate $245 million in cost savings in 2002 and $317 million in 2003. Reuters also announced a sharp drop in revenue growth for the last quarter. Reuters' third-quarter revenues were up 4% compared with the 16% growth during the same period last year. The lower growth was blamed on the decline in sales at Reuterspace and Instinet, which both operate online and have been hit by the decline in online advertising.
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