Thomson Reuters reports Q3 profit
THOMSON REUTERS, the provider of financial news and information, reported profit exceeding analysts’ estimates after subscription revenue helped make up for a decrease in sales from trading transactions.
Total revenue slid 6.9 per cent to $3.22 billion. “Third-quarter results met our expectations even as the market environment remained challenging,” Thomson Reuters’s chief executive officer, James C Smith, said in the statement. “Our resilient subscription-based businesses performed well.”
The New York-based company, controlled by chairman David Thomson through a family investment trust, continued to see improvements in its tax and legal business during a slump in sales of financial-data products.
The slowdown in the US and Europe has prompted many Wall Street firms to cut costs, resulting in sluggish sales. The shares rose less than 1 per cent to $28.53 in early morning trading in New York. The stock has gained 6.9 per cent this year.
The company also reaffirmed its 2012 forecast for revenue growth in the low single digits.