The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp (FOXA.O), which News Corp Executive Chairman and Fox Co-Chairman Rupert Murdoch scrapped in January.
To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts.
The layoffs will be made across all businesses and result in savings of at least $130 million on an annualized basis.
Advertising revenue in the second quarter fell 10.6% to $464 million during the quarter.
Revenue was $2.52 billion in the second quarter ended Dec. 31, while analysts on average expected $2.55 billion, according to Refinitiv data.