J&J blames job cuts charge for fall in profits

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Johnson & Johnson’s third-quarter profits fell about 8% because of a charge for cutting jobs, primarily in its stent-making and pharmaceuticals businesses, the company has said.

The company earned $2.5bn compared with a profit of $2.7bn during the same period last year.

Revenue rose to $14.9bn from $13.2bn, helped by strong results in international markets.

In July, the firm said it would reduce its global workforce by up to 4%, or up to 4,820 jobs, partly in order to cut costs due to falling sales of heart stents, plus looming patent expirations.

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