“The three businesses that drive the lion’s share of financial results continue to plug along and generate really good organic growth,” said Edward Jones analyst Matt Arnold. “A lot of the costs associated with transforming the business over the last few years are winding down, and that’s allowing profitability to improve nicely on top of that organic growth.”Total revenue rose 1 per cent in the quarter to US$1.59 billion, missing expectations of US$1.61 billion, according to LSEG data.
Generative AI is a type of artificial intelligence that generates new content or data in response to a prompt or question by a user. The company, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, announced a new US$1 billion share repurchase program, and maintained its 2023 outlook except for updates to depreciation and amortisation, and interest expense.
Organic revenues in the Legal Professionals segment increased 6 per cent, while total revenue fell 2 per cent, reflecting sales of some divisions. Thomson Reuters sold a majority stake in Elite, a vendor of business management software for law firms, earlier this year to private equity firm TPG.
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