Thomson Reuters revenue, profits fall
Thomson Reuters‘ second-quarter profit declined on lower revenue from its markets division, although the financial news and information company said it expected revenue to grow in the current quarter.
John Kell of The Wall Street Journal reports, “Financial-news providers were hurt as Wall Street consolidated following the financial crisis and were feeling the effects of weaker sales late into last year. However, the company has indicated that sales have improved each quarter for the past year.
“Thomson has said with financial-services firms hiring again and the increase in returns across global stock markets, that has led to a substantial increase in assets under management. That should drive demand for the company’s offerings.
“In May, Thomson launched a financial-video service called Reuters Insider, the latest of a growing number of news organizations aggressively adding Web-based programming to fill needs they say are unmet by cable news.
“Thomson reported a profit of $297 million, or 35 cents a share, down from $325 million, or 38 cents a share, a year earlier. Excluding fair value adjustments and other items, earnings fell to 47 cents from 58 cents.”
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