Thomson Reuters reports higher third-quarter revenue By Reuters

(Reuters) -Thomson Reuters on Tuesday reported higher than expected third-quarter revenue as it continued to invest in generative AI. 

The Toronto-based content and technology company reported a quarterly revenue rise of 8% to $1.72 billion, just ahead of analyst expectations, according to LSEG data.

It reported adjusted earnings per share of 80 cents. Wall Street expected a profit per share of 76 cents. 

“We remain focused on driving innovation across our portfolio and markets to best serve our customers, demonstrated by our investment in AI now increasing to more than $200 million in 2024,” Chief Executive Steve Hasker said in prepared remarks.  

The company said it now expected full-year organic revenue to rise by about 7%, up from an earlier expectation of about 6.5%. 

Acquisitions helped drive revenue rises at some of Thomson Reuters (NYSE:)’ “Big 3” businesses.

Revenue at its legal, corporates, and tax and accounting businesses rose 9%.

Reuters News revenue, which rose 10%, benefitted from acquisitions and generative AI-related licensing revenue.