business
Thomson Reuters Revenue Rises 10% as Customers Adopt AI Software
Thomson Reuters reports third-quarter revenue up 10 per cent as customers adopt its AI software.
Key points
- Shares fell 7.4 per cent to $157.83 by midday on the Toronto Stock Exchange.
- Adjusted earnings were 81 US cents a share, just shy of the 83 US cents analysts expected.
- The company is looking to license its Thomson LLM model to large law firms to run on their own systems.
Why it matters. Thomson Reuters expects law firms to spend more on technology and AI and less on staffing and real estate over five to 10 years, which could expand the market it serves.
Thomson Reuters reported a 10 per cent rise in third-quarter revenue to US$1.83-billion, as customers leaned on its AI-powered software. Active users of its CoCounsel Legal product rose 60 per cent month over month in September, CEO Steve Hasker said. The company raised its full-year revenue forecast to about 9.5 per cent growth from 8 per cent, after selling a majority stake in its print business to KKR.
Latest updates
Thomson Reuters Revenue Rises 10% as Customers Adopt AI Software
Thomson Reuters reported a 10% increase in third-quarter revenue, which reached US$1.83 billion. The company said customers are increasingly relying on its newer AI-powered software. It also announced a partnership with a major U.S. law firm to develop proprietary artificial intelligence tools. Thomson Reuters earned US$339 million in the quarter, according to the report. The results point to growing demand for AI products among professional services clients. Investors will look to future quarters to see whether this growth continues.