McGraw-Hill Cut 375 Jobs In Q4; Results In $16M Restructuring Charge; 70 Laid Off In Media
This story was written by David Kaplan.
McGraw-Hill (NYSE: MHP) shed 375 jobs in Q4, taking an after tax is $16.4 million, or $0.05 per diluted share of its earnings last quarter. About 70 of those positions were in the Information & Media unit, which had the second highest number of cuts after the Education division, which bore the brunt of the employee eliminations with 215 staffers let go. The BusinessWeek publisher made the cuts following a predictably rough Q3, when it saw profits drop 13.7 percent as revenues declined 6.4 percent. While not exactly a bright side, this recent quarter's tally was considerably less than the 600 staffers McGraw-Hill laid off in Q407. Release
By David Kaplan