Reuters parent reports strong results, predicts 2009 revenue growth
Thomson Reuters Corp. posted a stronger-than-expected quarterly profit, raised its dividend and said it expected revenue to grow in 2009 despite job cuts and reduced spending among its financial industry customers, reports Robert MacMillan and Georgina Prodhan of Reuters.
MacMillan and Prodhan write, “Thomson Reuters, like its rivals Bloomberg LP and News Corp’s Dow Jones & Co., is trying to sustain revenue growth even as major financial institutions such as Citigroup and Bank of America retrench.
“Revenue in the markets division fell 2 percent to $1.9 billion. Overall revenue was flat at $3.4 billion, but would have increased 5 percent before currency effects.
“‘It is hard to see anything else outside the doom and gloom in the two financial and media capitals,’ Glocer said. ‘It’s going to be a tough year, but when you put it all together, we still think the company will be able to show growth.'”
Read more here.