Rupert Murdoch’s News Corp Reveals Plan To Lay Off 5% Of Workers After Quarterly Earnings Miss

, Dow Jones and HarperCollins, announced as it released disappointing quarterly results that it is laying off 5% of its workforce.

The company reported revenue of $2.52 billion, a shade below Wall Street analysts’ consensus expectation for $2.55 billion, according to Refinitiv.per share missed by a wider margin, coming in at 14 cents compared with a Street forecast for 19 cents. “Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses,” CEO Robert Thomson said in the earnings release. “But we believe these challenges are more ephemeral than eternal. Just as our company passed the stress-test of the pandemic with record profits, the initiatives now under way, including an expected 5% headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.

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