Thomson Reuters reports 6% revenue increase in Q2, invests heavily in AI

Thomson Reuters, the Toronto-based content and technology giant, reported a 6% increase in its second-quarter revenue, reflecting its aggressive investment in artificial intelligence technology.

The company posted a quarterly revenue of $1.74 billion, up from $1.65 billion a year earlier. However, this figure slightly missed Wall Street's expectations of $1.75 billion, according to data from LSEG.

Thomson Reuters has been at the forefront of integrating generative AI across its portfolio, which includes legal, accounting, and corporate business segments. This strategic move is part of its broader effort to enhance product offerings and streamline operations.

“We remain highly encouraged by the customer reaction to our new AI driven products that include generative AI products such as Westlaw AI and CoCounsel," said Steve Hasker, President and CEO.

Despite the dip in operating profit, the company's focus on AI-driven growth is expected to position it favourably in the long term. Thomson Reuters' efforts in AI include deploying advanced tools to improve efficiency and accuracy in legal research, financial analysis, and corporate compliance.

Industry analysts remain optimistic about Thomson Reuters' future prospects, citing its robust AI strategy and diversified portfolio. The company’s continued expansion into AI and technology solutions is anticipated to drive sustained growth and profitability.

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