Sabre Corp. on Tuesday said it is cutting 9 percent of its global workforce to lower costs. It also reported a second-quarter loss of $6.5 million, compared with a profit the year before.
Sabre, a provider of technology services to the travel industry, had 10,000 employees at the end of 2016, so the cuts amount to about 900 jobs.
The job cuts are part of a cost-trimming and reorganization program that the company said will save $110 million a year.
Southlake, Texas-based Sabre said it had a loss of 2 cents per share in the quarter that ended June 30. Adjusted for one-time gains and costs, results came to earnings of 35 cents per share, topping the average estimate of five analysts surveyed by Zacks Investment Research by 1 cent.
Sabre said its revenue rose 6.6 percent to $900.7 million in the period. Five analysts surveyed by Zacks expected $894 million.
It expects full-year earnings in the range of $1.31 to $1.45 per share, with revenue in the range of $3.54 billion to $3.62 billion.
Sabre's stock added 2 percent to $20.20 in after-hours trading. The shares closed down $2.32, or 10.5 percent, to $19.81 Tuesday and have dropped 21 percent since the beginning of the year.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SABR at https://www.zacks.com/ap/SABR
Keywords: Sabre, Earnings Report