Thomson Reuters beat revenue expectations and raised its annual financial forecast on Thursday as it continued to invest heavily in artificial intelligence.
The Toronto-based news and information provider reported first quarter revenue up 8% to $1.88 billion, from $1.74 billion a year earlier. Wall Street expected $1.85 billion in the quarter, according to LSEG.
Operating profit, which rose 10% to $557 million, fell short of expectations of $559 million.
Adjusted earnings per share, excluding one-time items were $1.11 per share. Wall Street expected 95 cents per share.
“We remain committed to investing in content-driven technology that helps professionals make complex decisions with confidence,” Thomson Reuters CEO Steve Hasker said.
“With an exciting AI product roadmap and strategic acquisitions shaping our core operations, we are confident we will continue to lead the way in transforming professional work,” Hasker added in a statement.
Thomson Reuters, which earmarked about $10 billion to acquire AI companies has closed two deals in the quarter, Sweden-based business automation company Pagero and World Business Media Unit, an insurance industry media company.
(Reporting by Kenneth Li in New York; Editing by Alexander Smith)
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