OLD Media Moves

ThomsonReuters reports revenue growth

November 12, 2008

Anick Jesdanun of the Associated Press reports Wednesday that ThomsonReuters reported an increase in revenues for the third quarter despite the current Wall Street turmoil and earnings that beat projections in its first full quarter as a combined company.

Jesdanun writes, “Revenue increased 86 percent to $3.33 billion largely because of its acquisition of Reuters in April. That’s above analyst estimates of $3.25 billion. If the acquisition had already happened last year, the revenue increase would be only 8 percent.

“Thomson Reuters reported adjusted revenue growth of 7 percent, to $2 billion, in its markets division, an area hurt by the financial crisis that accelerated late in the quarter.

“Excluding gains from currency-exchange rates, revenue growth in that division was 5 percent. That compares with growth of 9 percent in the first quarter and reflects the impact of the financial downturn.

“‘Clearly you see in the movement from 9 percent to 5 percent organic growth in markets, the effects of, yes, large customers going out of business and consolidation,’ Glocer said during a separate conference call with reporters.”

Read more here.

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