(Reuters) -Thomson Reuters reported second-quarter earnings that topped Wall Street expectations as revenue rose 6% and it continued to aggressively deploy artificial intelligence technology across its portfolio.
The company now forecasts full year revenue to hit the high end of projections or a rise of about 7%.
“Good momentum continued across our portfolio in the second quarter, leading to a moderately raised revenue outlook,” Steve Hasker, President and CEO, said in a statement. “We believe we are well positioned to help our customers navigate rising regulatory compliance, in addition to harnessing the potential of Generative AI.”
Operating profit fell 50% to $415 million, falling short of expectations of $463 million. The 2023 period included a $347 million gain on the sale of a business. Adjusted earnings, excluding one time items, came it at 85 cents per share, versus 82 cents expected.
The Toronto-based content and technology company reported quarterly revenue of $1.74 billion, up from $1.65 billion a year earlier. Wall Street had expected $1.75 billion in the quarter, according to LSEG data.
Revenue in the “Big 3” segments of the company comprised of legal, tax and accounting and corporates, rose 7%.
Reuters News revenue rose 7% on growth in its agency business and contractual price increases with the London Stock Exchange.
(Reporting by Kenneth Li in New YorkEditing by Nick Zieminski)
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