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More Cuts At Dow Jones

BY Admin  July 12, 2001 at 12:00 PM EDT

Company spokesman Steven Goldstein said the cuts would eliminate as many as 188 jobs. Those cuts come in addition to an earlier round of cuts in April that eliminated 225 positions.

Today’s announcement follows a round of cuts in theJournal‘s editorial staff last week. Sixteen members of the paper’s newsroom staff lost their jobs, 10 of those coming from a discontinued small business beat.

In all, the company has trimmed 429 jobs, or 5 percent of its workforce, which numbered 8,574 at the beginning of the year.

Dow Jones’ second-quarter profits fell nearly 57 percent, company executives said today. Dow Jones posted a net income of $43.2 million for the three-month period ending June 30, compared to 100.6 million for the same period a year ago.

Despite the loss, the company beat out analysts’ expectations, earning $45.5 million during the second quarter.

But company executives warned that per-share earnings could drop further in the third quarter.

Newspaper companies including Knight-Ridder, Gannett, and The New York Times Co. have also announced job cuts this year.

Along with the Journal, Dow Jones publishes Barron’smagazine, several smaller newspapers and market indicators like the Dow Jones Industrial average.