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.
Continue Reading Below
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