Thomson Reuters announced on Tuesday that its first-quarter revenue rose by 10%, driven by strong performance in its legal, tax, and accounting segments. The information services company reaffirmed its full-year forecast, signaling confidence in its growth trajectory despite economic uncertainties.
Strong Quarterly Performance
The company reported revenue of $1.8 billion for the three months ended March 31, up from $1.64 billion in the same period last year. Organic revenue growth, which excludes currency fluctuations and acquisitions, was 7%. The legal professionals segment saw a 9% revenue increase, while the tax and accounting division grew by 11%.
Key Drivers
Thomson Reuters attributed the growth to higher demand for its digital solutions and analytics tools. The company's corporates segment also performed well, with revenue up 8%. Adjusted earnings per share rose to $0.85, beating analyst expectations of $0.80.
Outlook and Strategy
CEO Steve Hasker stated that the company remains on track to meet its full-year targets, citing strong customer retention and new business wins. The company expects full-year revenue growth in the low-to-mid single digits on an organic basis. Thomson Reuters continues to invest in AI and machine learning to enhance its product offerings.
Market Reaction
Shares of Thomson Reuters rose 2.5% in early trading on the New York Stock Exchange. The company's stock has gained 15% year-to-date, outperforming the broader market.
