Thomson Reuters (TRI) has reported a second-quarter profit of $894 million U.S. and maintained its forward guidance as revenue at the Canadian media company strengthens.
The Toronto-based company, which operates the Reuters News Agency, said the profit amounted to $1.90 U.S. per share for the quarter ended June 30.
The latest results are a reversal for the company, which recorded a loss of $115 million U.S., or $0.24 U.S. per share, in the second quarter of 2022.
Revenue in Q2 of this year totalled nearly $1.65 billion U.S., up 3% from $1.61 billion U.S. a year earlier.
Thomson Reuters said it sold 15.5 million shares of the London Stock Exchange Group, which it partially owns, for $1.60 billion U.S. during Q2.
The profit beat analysts’ expectations of $0.78 U.S. per share by a wide margin, according to Refinitiv data.
Looking ahead, the company maintained its outlook for 2023, saying it still expects total revenue growth of 3% to 3.50%.
Thomson Reuters’ stock has increased 23% over the last 12 months to trade $182.56 per share, which is near a 52-week high.
