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... |