Вештачка интелигенција

Thomson Reuters Sees Strong Q3 Profit and Advances in AI Technology

Summary

New York, November 1st (Reuters) – Thomson Reuters Corp (TRI.TO) reported a higher-than-expected profit for the third quarter, with its major divisions providing legal, tax, and accounting services performing well amid economic uncertainty. The information and tools provider for lawyers, […]

Thomson Reuters Sees Strong Q3 Profit and Advances in AI Technology

New York, November 1st (Reuters) – Thomson Reuters Corp (TRI.TO) reported a higher-than-expected profit for the third quarter, with its major divisions providing legal, tax, and accounting services performing well amid economic uncertainty.

The information and tools provider for lawyers, accountants, and other professionals reported adjusted earnings of 82 cents per share, surpassing analysts’ estimates of 71 cents.

Thomson Reuters, which owns the legal database Westlaw, news agency Reuters, and tax accounting services Checkpoint, announced a new $1 billion share buyback program and maintained its 2023 forecast, excluding updates related to amortization and interest costs.

Total revenues rose 1% in the last quarter, reaching $1.59 billion, slightly below the expectation of $1.61 billion, according to LSEG data.

In an interview, CEO Steve Hasker stated that the company has made significant progress in implementing generative artificial intelligence (AI) as a key component of its products. Generative AI is a type of artificial intelligence that generates new content or data in response to a user’s question or request.

On November 15th, the company will launch AI enhancements for its flagship product, Westlaw Precision, in the United States. The new features will allow legal users to ask questions in a conversational format and receive accurate answers within seconds, utilizing Thomson Reuters’ content.

In the first part of the next year, Thomson Reuters will debut new AI products, starting with legal and later expanding to tax and accounting products, related to “intelligent analysis and contract drafting” in collaboration with Microsoft (MSFT.O).

Hasker emphasized that the company has achieved “solid progress” despite the unstable economic environment. Organic revenues in the legal professionals segment grew by 6%, while overall revenues declined by 2%, primarily due to the divestment of certain divisions. Thomson Reuters sold the majority stake in Elite, a provider of law firm management software, to private investment firm TPG earlier this year.

In the news segment, Reuters reported a 3% increase in quarterly revenues, driven by contracted price increases and digital advertising.

Thomson Reuters has allocated $10 billion for acquisitions and approximately $100 million annually for investment in AI capabilities.

In August, the company completed the acquisition of California-based AI company Casetext for $650 million. Casetext assists legal professionals in research, analysis, and document preparation using generative AI technology.

Reporting by Helen Coster, Editing by Nik Zieminski.

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