Thomson Reuters Corp., the parent of the Reuters newswire, reported that its second-quarter profit slumped 73 percent as revenue continued to decline, while the company logged lower gains from divestitures, writes Saabira Chaudhuri of Dow Jones Newswires.
Chaudhuri writes, “For the quarter, Thomson Reuters reported a profit of $248 million, or 30 cents a share, versus $902 million, or $1.08 a share, a year earlier. The latest period included $136 million in operating gains versus $798 million a year ago. Excluding one-time items, per-share earnings were flat at 48 cents.
“Revenue fell 3.3% to $3.16 billion.
“Analysts polled by Thomson Reuters expected a per-share profit of 44 cents on revenue of $3.15 billion.
“Revenue from financial and risk–which serves financial professionals and makes up more than half of the company’s revenue–fell 1.9% to $1.66 billion. The legal division, the second biggest, reported its revenue rose 4.2% to $846 million.
“Trading revenue slumped about 7%, while investors revenue fell about 2%. Meanwhile, revenue in the company’s tax and accounting division rose about 5% and revenue from government, risk and compliance jumped 13%.”
Read more here.
