Thomson Reuters revenue, operating profit fall in second quarter

NEW YORK (Reuters) – Thomson Reuters Corp (TRI.TO) (TRI.N) reported slightly lower revenue and an 18% fall in operating profit for the second quarter on Wednesday, and reaffirmed its forecast for the rest of 2020.

The news and information provider, which owns Reuters News, said quarterly revenue dipped 1% to $1.405 billion and operating profit fell to $365 million, from $447 million, when the quarter included some one-time items.

Adjusted earnings of 44 cents per share were ahead of the 38 cents analysts expected, according to Refinitiv, while the sales figure was in line with Wall Street expectations.

Of the company’s three largest divisions, Legal Professionals and Corporates showed higher quarterly sales adjusted profit, while the Tax & Accounting Professionals segment saw lower sales and adjusted profit.

The Reuters News division saw organic revenues fall 11%, reflecting the effect of the coronavirus crisis on its events business.

“Given our performance for the second quarter and first half, we have increasing confidence in how our businesses will perform over the remainder of the year,” Thomson Reuters Chief Executive Steve Hasker said in a statement.

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