June 14th, 2024

Thomson Reuters planning to invest more than US$100 million a year in generative AI

By The Canadian Press on November 1, 2023.

A Thomson Reuters office sign is shown in Boston, Thursday August 6, 2009. THE CANADIAN PRESS/AP-Eric J. Shelton

TORONTO – Thomson Reuters Corp. announced plans to invest more than US$100 million a year in generative artificial intelligence.

The company said Wednesday it is building AI-powered capabilities for its products including a tool for its Westlaw Precision service that will launch Nov. 15 for customers in the United States.

“AI will revolutionize and transform the future of work for professionals across the globe,” Thomson Reuters CEO Steve Hasker said in statement.

“Professionals have our unwavering commitment and support as they safely navigate the opportunities and challenges provided by the evolving AI landscape.”

Thomson Reuters bought Casetext, which uses advanced artificial intelligence and machine learning to build technology for lawyers, earlier this year.

It said it is looking to build AI capabilities, make acquisitions, find partners and train its staff to use AI across its business.

The plans to invest in AI came as the company reported a third-quarter profit of US$367 million, up from US$228 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says the profit amounted to 80 cents per diluted share for the quarter ended Sept. 30.

The result compared with a profit of 47 cents per diluted share a year earlier.

Revenue totalled US$1.59 billion compared with US$1.57 billion in the same quarter last year.

The company says the increase was helped by growth in recurring revenues, offset in part by net divestitures.

On an adjusted basis, Thomson Reuters says it earned 82 cents per share, up from an adjusted profit of 58 cents per share a year earlier.

This report by The Canadian Press was first published Nov. 1, 2023.

Companies in this story: (TSX:TRI)

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