Published on 05/02/2023 at 12:07 p.m
Thomson Reuters says it posted earnings of 82 cents a share last quarter. (Photo: The Canadian Press)
TORONTO — Thomson Reuters (IRR, $131.17) on Tuesday posted a profit of $756 million for the first quarter as revenue rose 4% from the same period last year.
The company’s earnings were $1.59 per share for the quarter ended March 31, down from $1.01 billion (B$) or $2.06 per share in the prior first quarter, which had benefited from a significant increase in the value of the company. Participation in the London Stock Exchange Group, which in particular operates the London Stock Exchange.
Revenue was nearly $1.74 billion compared to $1.67 billion in the first three months of 2022.
On an adjusted basis, Thomson Reuters said it earned 82 cents a share in the most recent quarter, compared to 66 cents a year ago.
According to forecasts by financial data company Refinitiv, analysts had expected adjusted profits of 80 US cents on average.
In its 2023 outlook, Thomson Reuters now expects total revenue growth of between 3.0% and 3.5%, while in its previous guidance it was targeting growth of between 4.5% and 5.0% instead. The downgrade was driven by the sale of a majority stake in legal tech firm Elite to private equity firm TPG.
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