Thomson Reuters today reported results for the third quarter ended September 30, 2024:
- Good revenue momentum continued in the third quarter
- Total company revenues up 8%, organic revenues up 7%
- Organic revenues up 9% for the “Big 3” segments (Legal Professionals, Corporates and Tax & Accounting Professionals)
- Total company revenues up 8%, organic revenues up 7%
- Raised total company full-year organic revenue growth outlook to approximately 7%
- Raised organic revenue growth outlook for “Big 3” to approximately 8.5%
- Announced agreement to sell its FindLaw business
“We saw good momentum continue in the third quarter, with revenue and margins moderately ahead of our expectations” said Steve Hasker, President and CEO of Thomson Reuters.
“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. We continue to make progress against our “Build, Partner, Buy” strategy, including launching several new AI product capabilities and making exciting enhancements to CoCounsel, our professional-grade GenAI assistant. In addition, we have closed on the strategic acquisitions of Safe Sign Technologies and Materia, which complement our product roadmap and further accelerate our provision of GenAI tools for professionals.”
Mr. Hasker added, “As we look ahead, we are committed to taking a balanced capital allocation approach, focusing on delivering sustained value creation through a long-term investment strategy.”