Thomson Reuters reports fall in operating profits
Thomson Reuters has reported a 32% year on year fall in operating profits in the third quarter to $378 million.
In a statement, Thomson Reuters said that its underlying profit was up 3% to $711 million, with revenues down 4% year on year to $3.2 billion.
Revenue from Europe, the Middle East and Africa was down 3% year on year, while revenue from the firm’s American operation dipped 6%. There was better news from Asia, however, with revenues there remaining flat.
Tom Glocer, Thomson Reuters chief executive, said: “Despite difficult market conditions, our businesses delivered solid results in the third quarter.
“Sales of subscription products in our markets and legal units improved in the third quarter over what we expect were their bottom in the second quarter. While the weak year-to-date net sales experienced in recent quarters are now flowing through into revenues, we expect this dip to be shallow and limited to the next few quarters.”