News Corp. (NASDAQ:NWSA) layoffs are on the way after the company announced plans to cut jobs throughout 2023.
News Corp. has revealed that it will cut 1,250 jobs by the time 2023 comes to an end. That represents about 5% of the media company’s total workforce. The company says the job cuts are due to a challenging macroeconomic environment as well as increasing interest rates.
News Corp. CEO Robert Thomson said the following about the layoffs in a statement:
“Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5 percent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.”
News Corp. Joins Layoffs Trend
Investors have been watching for layoffs news as News Corp. is far from the only company to announce job cuts. Several companies have been reducing their workforces in light of current economic conditions.
And it doesn’t look like there’s any reason to believe the news of the layoffs will slow down. The stock market is in a rough place with one of its worst weeks in two months. That has shares falling today as investors brace for the economy to get even worse.
NWSA stock is down 8.2% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.