TORONTO — Thomson Reuters Corp. says it earned a first-quarter profit of US$756 million as its revenue rose four per cent compared with a year ago.
The company, which keeps its books in U.S. dollars, says the profit amounted to US$1.59 per diluted share for the quarter ended March 31, down from nearly US$1.01 billion or US$2.06 per diluted share a year earlier when it benefited from a significantly higher increase in the value of the company’s investment in London Stock Exchange Group.
Revenue totalled nearly US$1.74 billion, up from US$1.67 billion in the first three months of 2022.
On an adjusted basis, Thomson Reuters says it earned 82 cents per share, up from an adjusted profit of 66 cents per share a year earlier.
Analysts on average had expected an adjusted profit of 80 cents per share, according to estimates compiled by financial markets data firm Refinitiv.
In its outlook for 2023, the company says it now expects total revenue growth between 3.0 and 3.5 per cent down with earlier expectations for between 4.5 and 5.0 per cent due to the sale of a majority stake in its Elite legal technology company to private equity firm TPG.
This report by The Canadian Press was first published May 2, 2023.
Companies in this story: (TSX:TRI)
