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Thomson Reuters Profit Drops as Sales Fall for Trading, Advisory Products
Thomson Reuters Corp., the financial news and information provider, reported second-quarter profit dropped 7.9 percent after sales of its trading and advisory products declined.
Net income fell to $290 million, or 35 cents a share, from $315 million, or 38 cents, a year earlier, the New York-based company said today in a statement. Excluding some items, profit dropped to 47 cents a share from 58 cents. Analysts projected 49 cents, the average of 12 estimates compiled by Bloomberg.
Revenue declined 6 percent at the sales and trading and investment and advisory units, which together account for almost half of the total. Chief Executive Officer Tom Glocer said he expects the company to return to sales growth this quarter.
Total second-quarter sales fell 2.3 percent to $3.22 billion, compared with the $3.23 billion average analyst estimate.
In its tax and accounting and its enterprise divisions, Thomson Reuters posted sales gains of 8 percent and 4 percent, respectively.
Thomson Reuters dropped 74 cents, or 1.9 percent, to C$38.96 at 4:10 p.m. New York time in trading on the Toronto Stock Exchange, for the largest one-day decline since May 20. The shares advanced 15 percent this year.
Bloomberg LP, the parent of Bloomberg News, competes with Thomson Reuters in selling financial and legal information and trading systems.
To contact the reporter on this story: Greg Bensinger in New York at gbensinger1@bloomberg.net
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