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Thomson Reuters reports developments across its content, software and technology businesses for legal, tax, audit, accounting, compliance, government and media professionals. Company news commonly covers results for its Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments, including recurring revenue trends, transaction revenue, Global Print, adjusted EBITDA, free cash flow and outlook updates.
Updates also cover products and partnerships tied to Westlaw, CoCounsel and Reuters News, along with capital actions such as dividends, share repurchases, returns of capital and share consolidation transactions. TRI news may also include investor conference appearances and shareholder voting or court approvals for corporate arrangements.
Thomson Reuters (TSX/NYSE: TRI) released its Q2 2024 financial results, showing continued strong revenue momentum.
Key Highlights:
- Total and organic revenues increased by 6%, with 'Big 3' segments seeing an 8% organic revenue growth.
- Completed a $1 billion share buyback program and monetized interest in the London Stock Exchange Group (LSEG).
- Revenue growth led to raising the full-year 2024 outlook to the high end of previous estimates.
Financial Data:
- Revenues: $1.74 billion (+6% YoY)
- Operating Profit: $415 million (-50% YoY)
- Diluted EPS: $1.86 (-2% YoY)
- Adjusted EBITDA: $646 million (-2% YoY)
- Free Cash Flow: $541 million (-9% YoY)
Segment Performance:
- Legal Professionals: $727 million in revenue (+3% YoY)
- Corporates: $442 million in revenue (+13% YoY)
- Tax & Accounting Professionals: $250 million in revenue (+12% YoY)
Despite revenue growth, operating profit and adjusted EBITDA margins declined due to higher investments and acquisitions.
Thomson Reuters' 2024 Future of Professionals report reveals that AI could save knowledge workers up to 12 hours per week by 2029, with an immediate impact of 4 hours per week within the next year. This productivity boost is likened to adding an extra colleague for every 10 team members. U.S. lawyers could see an additional $100,000 in billable hours annually due to AI's time-saving capabilities.
The report, based on a survey of over 2,200 professionals from legal, tax, and risk & compliance sectors, highlights AI's potential to drive innovation and economic growth. Key findings include 77% of respondents believing AI will have a high or transformational impact on their work, and 78% viewing AI as beneficial for their profession. Additionally, 79% anticipate significant innovation improvements in their companies due to AI.
Professionals also express a need for AI standards, with 57% supporting certification processes and 55% advocating for industry-specific guidelines. Currently, 63% of respondents are using AI-powered technologies for tasks like research and drafting, showcasing the growing adoption and positive sentiment towards AI.
Thomson Reuters (TSX/NYSE: TRI) announced it will release its second-quarter 2024 earnings on August 1, 2024. The report will be followed by a conference call and webcast at 8:30 a.m. EDT, hosted by CEO Steve Hasker and CFO Mike Eastwood. The event will discuss the company's financial performance and might include a Q&A session.
Thomson Reuters (TSX/NYSE: TRI) announced the results of its Board of Directors election held on June 6, 2024. All 13 nominees were elected and will serve until the next annual meeting. Notable vote counts include Steve Hasker with 99.94% of votes for, and W. Edmund Clark with 97.59% of votes for. Additionally, PricewaterhouseCoopers LLP was re-appointed as the company's auditor, and an advisory resolution on executive compensation was approved. Detailed voting results are filed with Canadian and U.S. regulatory authorities.
Thomson Reuters (NYSE/TSX: TRI) and Microsoft have unveiled an enhanced AI tool, combining Thomson Reuters CoCounsel with Microsoft Copilot.
This integration, demonstrated at the Microsoft Build 2024 keynote, aims to streamline complex tasks across various Microsoft 365 applications such as Word, Outlook, SharePoint, and Teams. By leveraging CoCounsel's subject-matter expertise with Copilot's operational insights, the tool promises to save time, reduce risk, and simplify compliance tasks.
Kriti Sharma, Chief Product Officer at Thomson Reuters, highlighted the tool's potential to handle high-stakes tasks more efficiently. The collaboration marks another step in Thomson Reuters' goal to provide a GenAI Assistant for every professional it serves. The tool will be available in July 2024.
Thomson Reuters (TRI) announced that Chief Financial Officer Mike Eastwood and Head of Finance, Corporates Erin Brown will present at the CIBC Technology & Innovation Conference on May 22, 2024, at 1:30 p.m. EDT. The presentation is expected to cover key financial metrics, business strategies, and recent innovations. This event provides a platform for Thomson Reuters to showcase its financial health and growth prospects to potential investors and industry stakeholders.
Thomson Reuters (TSX/NYSE: TRI) announced on May 15, 2024, the sale of its remaining stake in London Stock Exchange Group (LSEG).
Along with Blackstone-affiliated investment funds, the company sold 17.3 million LSEG shares at £91.50 per share.
The shares were sold to institutional and retail investors.
Thomson Reuters owned 4.3 million of the shares sold and expects to earn approximately $0.5 billion in pre-tax net proceeds from this transaction.
Following the sale, Thomson Reuters will no longer hold any interest in LSEG.
Rocket Companies, a Detroit-based fintech platform, appointed Shawn Malhotra as Chief Technology Officer. Malhotra, with extensive experience at tech giants like Thomson Reuters, Intel, and Qualcomm, will lead AI initiatives to streamline processes and enhance homeownership.
Thomson Reuters reported strong first-quarter results with total revenues up 8%, organic revenues up 9%, and the 'Big 3' segments seeing 10% growth. The company raised its 2024 revenue outlook, repurchased shares, and raised dividends. Adjusted EBITDA increased by 19%, and adjusted EPS rose to $1.11. The company continues to focus on content-driven technology and strategic acquisitions for future growth.
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