Thomson Reuters, the parent company of the Reuters financial news service, reported higher first-quarter profits, but the division that operates the news service continued to post sluggish results.
“The news-and-information provider continues to struggle to find solid growth in the largest segment of its business, recently reorganized under the heading Financial & Risk. Revenue increased 1% to $1.81 billion before currency effects as declines in its segments targeting traders and investors were offset by acquisitions and growth in its risk and compliance business. Operating profit in the division fell 4% excluding the impact of currency changes.
“‘In general, we’ve seen a modest uptick in the Americas offset by challenging market conditions in Europe, particularly in desktops in big sell-side banks in Europe,’ Thomson Reuters Chief Executive James Smith said in an interview. Mr. Smith said he doesn’t expect the division to show growth in net sales until the end of the year. ‘You can’t outrun gravity in the near term.’
“Weak sales in the unit, which contains the core of the division previously known as Markets, led to organizational changes and the departure of several top executives last year, including former CEO Tom Glocer. That performance had largely to do with disappointing sales of a new desktop trading product called Eikon.”
Read more here.
Bloomberg News has hired Andrea Palasciano to cover European Union foreign policy and NATO. She will be…
The Financial Times has struck a deal with OpenAI to train artificial intelligence models on…
Business Insider editor in chief Nicholas Carlson plans to leave this summer, reports Maxwell Tani of Semafor. Tani reports,…
The Yale Program on Stakeholder Innovation and Management announced the appointment of Alan Murray, departing chief…
The Advocate is looking for a savvy reporter to cover the Baton Rouge business scene…
MLex, a LexisNexis company, is an independent news organization for breaking news and forward-looking analysis…