Thomson Reuters profit up, revenues down

GMT 16:18 2015 Friday ,23 October

Arab Today, arab today Thomson Reuters profit up, revenues down

Financial information giant Thomson Reuters
New York - AFP

Financial information giant Thomson Reuters on Friday reported a jump in profits, helped by cost-cutting even as revenues slumped due to a strong dollar.

The company, which is known for its financial markets data, saw net profit rise 17 percent in the third quarter to $293 million.

Revenues, however, dipped 4.1 percent to $2.98 billion, a figure weaker than expected. On a constant-currency basis however, revenues were up one percent.

The New York-based company, which has cut a number of jobs since 2013, said its bottom line was helped by "efficiency initiatives, which were partially offset by the impact of foreign currency."

"I am pleased to report another quarter of steady progress," said James Smith, president and chief executive.

"I am encouraged by the way we continue to execute against our key priorities, by the progress towards our financial targets and especially by the underlying performance of our subscription revenues."

The financial division, which provides terminals used by market professionals, saw a 6.8 percent drop in revenue to $1.5 billion, with the drop mainly due to currency fluctuations.

The unit is facing new competition since September from Symphony Communications, backed by major banks including Goldman Sachs, JPMorgan Chase, Societe Generale, Natixis and Google.

Reuters news agency, a competitor of AFP, saw revenues which dropped 6.3 percent to $74 million, but which rose on a constant-currency basis.

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