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Tieto beats expectations, helped by cost cuts
October 23, 2013 / 5:28 AM / 4 years ago

Tieto beats expectations, helped by cost cuts

HELSINKI (Reuters) - Finnish IT services provider Tieto reported an unexpected rise in quarterly underlying profit, as cost cuts helped to offset a slump in IT spending.

Tieto’s third-quarter operating profit, excluding one-off items, rose 1 percent to 38 million euros (32 million pounds), beating the market’s forecast for a slight fall. Sales fell to 373 million from 424 million a year ago, it said.

Tieto, which competes with bigger technology services companies such as IBM and Accenture, announced earlier this month that it would cut up to 770 jobs, about 5 percent of its workforce, due to slower sales.

The cuts follow 1,600 job losses in a restructuring announced in March 2012.

Reporting by Helsinki newsroom; Editing by David Cowell

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