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.

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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.

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The loss from Tenet Healthcare Corp. was not as bad as Wall Street expected, but revenue fell short.

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