Media company Thomson Reuters (TRI) has reported a third-quarter profit that topped analysts’ forecasts.
The Toronto-based company that owns and operates the Reuters newswire announced earnings per share of $0.82 U.S., which was well above analysts’ forecasts of $0.71 U.S.
Revenue in the July through September period rose 1% to $1.59 billion U.S., which was slightly below consensus forecasts of $1.61 billion U.S., according to data from LSEG.
Thomson Reuters, which also owns the Westlaw legal database and Checkpoint accounting service, said its organic revenue increased 7% from a year earlier.
Revenues in the company’s news division rose 3% in the quarter, driven by contractual price increases and growth in digital advertising.
Thomson Reuters has said that it will spend a total of $10 billion U.S. on acquisitions and investments to bolster its artificial intelligence (A.I.) capabilities moving forward.
During Q3 of this year, the company finalized its $650 million U.S. acquisition of Casetext, a California-based A.I. company that helps legal professionals conduct research and analysis.
Thomson Reuters’ stock has risen 12% in the last 12 months to trade at $119.88 U.S. per share.
