Thomson Reuters Announces Falling 2Q Profit, Dip in Revenue
Information-services provider and Reuters parent Thomson Reuters (TRI) today reported an adjusted second-quarter operating profit of $655 million, down 17% from the second quarter of 2009. Including one-time items, operating profit came in at $435 million, vs. $475 million a year ago.
The company said that the falling profit was due mainly to lower revenue, investments in its business and fluctuations in the currency markets.
Revenue slipped 2% year over year to $3.22 billion. The company said that growth in its enterprise segment, legal subscription services and accounting-information business was offset by “expected softness in Legal print and non-subscription revenues” and falling financial-information service revenue.
“I am pleased with the continuing progress the company has made in the first half of the year. While our markets are only slowly improving, we have seen accelerating results in terms of revenues, net sales and customer uptake of our new products,” said CEO Thomas Glocer in a statement. “Based on these encouraging trends, we expect that Thomson Reuters will return to revenue growth in the third quarter.”
As for the company’s media segment, revenue fell 3% because of weakness in the news agency business. The company said that net sales were positive thanks to a contract it signed with CNN. Thomson Reuters’ consumer business saw revenue climb in the double digits because of an improved advertising market.
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