NEW YORK (AP) – Tenet Healthcare plans to cut 1,300 jobs, more than 1 percent of its workforce, in an attempt to cut costs as it reported a quarterly loss of $367 million.
The stock jumped 10 percent, to $14.19, in early trading Friday.
The Dallas company expects the job cuts to lower annual expenses by $150 million. Tenet has about 101,000 full-time employees. The company also named James Bierma to the board of directors, increasing its size to 10 members.
The loss from Tenet Healthcare Corp. was not as bad as Wall Street expected, but revenue fell short.
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