Thomson Reuters ups forecasts despite ongoing geopolitical uncertainties
Thomson Reuters raised its 2022 forecast this morning after beating first-quarter expectations and warning of the ongoing economic woes.
Operating profit was up seven per cent to $414m (£330m), with total revenues up 5.5 per cent in the quarter to $1.67bn (£1.33bn).
The parent company of Reuters News, which also owns the likes of Westlaw legal database, posted adjusted earnings of 66 cents per share, 5 cents ahead of Wall Street expectations.
Organic revenue rose seven per cent for the Big 3 segments- legal professionals, corporates, and tax and accounting professionals.
As a result, the news and financial information firm upped revenue forecasts from five per cent to 5.5 per cent this coming year.
In a memo to staff, chief exec Steve Hasker said: “I believe we continue to benefit from a significant prevailing tailwind that drives the need for the trusted, accurate and actionable content and technology that we provide”.
The company has consistently raised revenue forecasts as the appetite for news and information booms in the recovering, but complicated, global economy.
National Bank of Canada noted that Thomson Reuters has a target for top-line growth of between 5.5 per cent and six per cent in 2023 compared with 1.2 per cent in 2020.