TORONTO — Thomson Reuters Corp. reported lower profits but a rise in revenue in its first quarter as it also modestly raised its expectations for revenue growth for the year.
The company says it now expects total revenue growth for 2024 of between 6.5 and seven per cent, up from a February estimate of about 6.5 per cent.
The increase came as Thomson Reuters, which keeps its books in U.S. dollars, says its revenue totalled US$1.89 billion, up about eight per cent from US$1.74 billion in the same quarter last year.
Reuters says revenues at its news service rose 21 per cent to US$210 million, driven primarily by generative AI-related content licensing revenue.
The company says it earned a profit attributable to common shareholders of US$481 million or US$1.06 per diluted share, down from a profit of US$756 million or US$1.59 per diluted share a year earlier.
On an adjusted basis, Thomson Reuters says it earned US$1.11 per share in its latest quarter, up from an adjusted profit of 84 cents US per share in the same quarter last year.
This report by The Canadian Press was first published May 2, 2024.
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