News Corp to cut jobs after huge quarterly loss
Rupert Murdoch's News Corp. announced plans to carry out job cuts on Thursday after reporting a $ 6.41 bn loss in the second quarter of its fiscal year.
By Agencies |
NEW YORK: Rupert Murdoch's News Corp. announced plans to carry out job cuts on Thursday after reporting a $ 6.41 bn loss in the second quarter of its fiscal year.
"Our results for the quarter are a direct reflection of the grim economic climate," Murdoch said in a statement. "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought.
"We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate," he added.
News Corp. said its second quarter results were impacted by 8.4 billion dollars in one-time charges, including a writedown of the value of its Federal Communications Commission (FCC) licenses.
"Our results for the quarter are a direct reflection of the grim economic climate," Murdoch said in a statement. "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought.
"We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate," he added.
News Corp. said its second quarter results were impacted by 8.4 billion dollars in one-time charges, including a writedown of the value of its Federal Communications Commission (FCC) licenses.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
