Thomson Reuter’s net profit rise during the third quarter
On Tuesday, Thomson Reuters Corp (TRI.TOTRI.N) posted its third-quarter net profit. The media company said that its revenue rose by 2% to $1.44 billion while its operating profit climbed by 21% to $318 Million.
“I’m very pleased to report our markets and businesses continue to prove resilient in the face of a challenging broader macro-environment,” Thomson Reuters’ Chief Executive Officer Steve Hasker said in a statement.
According to Refinitiv’s IBES data, analysts expected adjusted earnings of 38 cents per share while its quarterly revenue was also above Wall Street expectations.
The Canadian multinational media conglomerate said that its shares went up by 4% this year because of its legal and corporates divisions that helped lift its free cash flow outlook.
Thomson Reuters executives stated that the firm had surpassed its cost-cutting target worth $30 million. It also added that the news and media company planned to reinvest in its core businesses during the fourth quarter.