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Thomson Reuters Reverses Q2 2022 $115 million Loss to Post $894 million Profit

Published 2023-08-02, 03:33 p/m
© Reuters.

By Ketki Saxena

Investing.com — Thomson Reuters (TSX:TRI) Corp reported a second-quarter profit of $894 million today, Wednesday, marking a significant turnaround from a loss of $115 million, or 24 cents per diluted share, recorded in the same period last year. The company's revenue rose by 2% compared to the prior year.

The multinational media conglomerate, which maintains its financial records in U.S. dollars, announced that the profit equated to $1.90 per diluted share for the quarter ended June 30. This positive performance reverses the previous year's second-quarter loss.

Revenue for the quarter totalled nearly $1.65 billion, up from $1.61 billion in the same three-month period of 2022. The increase is attributed in part to the company's sale of 15.5 million shares of the London Stock Exchange Group (LON:LSEG) for $1.6 billion during the second quarter.

On an adjusted basis, Thomson Reuters reported earnings of 84 cents per share, an improvement from an adjusted profit of 60 cents per share a year earlier. This result surpassed average analyst expectations of an adjusted profit of 78 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

Looking ahead, Thomson Reuters has maintained its outlook for 2023 from the first quarter, which includes expected total revenue growth between 3.0 and 3.5 per cent.

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