RWE To Cut 2,400 Jobs

Germany's RWE AG RWEOY announced its plans to cut 2,400 jobs. The company's net profit in the six months ending June 30 came in at 1.58 billion euros ($1.95 billion), versus EUR1.59 billion, in the year-ago period. However, analysts were expecting a net profit of EUR1.66 billion. RWE's recurrent after-tax profit came in at EUR1.67 billion, versus analysts' estimates of EUR1.69 billion. Its operating profit climbed 9% to EUR3.64 billion, while revenue rose 1.3% to EUR27.09 billion. Analysts were expecting an operating profit of EUR3.54 billion on revenue of EUR27.27 billion. RWE shares fell 0.56% to close at $40.62 yesterday.