Thomson Reuters reports higher second-quarter revenue, raises full-year forecast

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Aug 5 : Thomson Reuters reported a 9 per cent rise in second-quarter revenue on Wednesday, boosted by its three biggest business segments, legal, corporates and tax and accounting, and lifted its full-year organic revenue forecast to around 8 per cent.

Thomson Reuters said its second-quarter revenue rose to $1.95 billion, edging past estimates of about $1.9 billion. It said earnings per share excluding items rose to 99 cents. Wall Street had forecast earnings per share of 96 cents.

The Toronto-based content and technology company said it had raised its full-year organic revenue forecast to around 8 per cent, from a previous range of 7.5 per cent to 8 per cent.

In July, Thomson Reuters announced the sale of 51 per cent of its Global Print business to create a new joint venture with KKR to focus on its digital businesses and "fiduciary-grade AI".

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Over the summer it will begin offering clients access to a new proprietary large language model built for professional work and trained on content from Westlaw, Practical Law, Checkpoint and Reuters, the company said last week. 

"Our priority for the second half of the year is further deepening our leadership in trusted Fiduciary-Grade AI solutions," Thomson Reuters CEO Steve Hasker said in a statement, referring to AI built to produce results that can be verified and audited.

Thomson Reuters shares have underperformed the S&P/TSX Composite Index, which as of Tuesday had traded up 12.35 per cent year to date. Thomson Reuters shares were down 15.28 per cent over the same period. 

Shares in Thomson Reuters have been among those hit this year by fears over the challenges that AI newcomers, including Anthropic, pose to established companies, triggering a selloff in software, data and professional services stocks.

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