A spokesman declined to say how the cuts will affect its legal business in Eagan.
Thomson Reuters Corp., a provider of news and information services, plans to cut 3,000 positions, or about 5 percent of the workforce, in a bid to focus on growth markets and boost profitability.
The announcement Tuesday followed higher-than-projected earnings at Thomson Reuters, which is trying to rebound from a lingering slump on Wall Street brought on by the financial crisis and recession. Excluding some items, the company posted profit of 48 cents a share for the third quarter. That beat the 44 cents estimated by analysts, according to data compiled by Bloomberg.
The job cuts will mainly affect the financial and risk division, the company’s biggest unit, and follow a move to eliminate 2,500 positions earlier this year.
Spokesman David Girardin declined to say whether the cuts will affect Thomson Reuters’ Minnesota operation. The company employs about 7,000 people in Eagan, most of them working on legal publications and services.
Thomson Reuters Chief Executive Jim Smith, who took the top job in January 2012, has been increasingly relying on cost cutting to improve profitability. The previous round of firings, announced in February, trimmed about 4 percent of the workforce.
“We will pick up the pace of efforts to simplify and streamline our organization, to shift resources behind the most promising growth opportunities,” Smith said in a statement.
Thomson Reuters shares rose $1.12, or 3.1 percent, to close Tuesday at $36.85. The stock had already climbed 23 percent this year through Monday.
Third-quarter net income attributable to common shareholders fell 39 percent to $271 million, or 33 cents a share, from $441 million, or 53 cents, a year earlier. Operating profit declined 15 percent to $316 million in the period.
Staff writer Steve Alexander contributed to this report.