Thomson Reuters profit tops estimates as it plans AI push

Thomson Reuters Corp (TRI.TO), on Tuesday reported higher sales and operating profit in the first quarter, helped by divestitures and high customer retention rates, as it plans a deeper investment in artificial intelligence.

The news and information company reported adjusted earnings of 82 cents per share, beating analyst forecasts for 80 cents.

Total revenue rose 4% in the quarter to $1.738 billion, beating expectations, according to estimates from Refinitiv.

Thomson Reuters, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, said organic revenue was up 7% for its “Big 3” segments: Legal Professionals, Corporates and Tax & Accounting Professionals.

“While we acknowledge elevated macroeconomic uncertainty, our underlying business is resilient, and we are largely maintaining our 2023 outlook,” Chief Executive Office Steve Hasker said in a statement. “We are also excited about recent developments in AI, which we believe will provide plentiful opportunities to better serve our customers as we continue to invest in their future.”

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