FILE PHOTO: The Thomson Reuters logo is seen on the company building in Times Square, New York October 29, 2013. REUTERS/Carlo Allegri
NEW YORK (Reuters) – Thomson Reuters Corp (TRI.N)(TRI.TO) reported higher quarterly sales and operating profit that fell slightly short of Wall Street estimates on Tuesday and cut is full-year sales outlook, citing unprecedented disruption in the global economy.
The news and information provider, parent of Reuters News, posted a 2% rise in revenue to $1.52 billion, helped by gains in its legal and corporates businesses, and said operating profit rose 6% to $290 million.
Adjusted earnings of 48 cents a share were 1 cent below Wall Street expectations, according to Refinitiv.
Thomson Reuters forecast 1%-2% total revenue growth this year, down from its February estimate of 4.5%-5.5% growth, and said it would be cutting costs.
“As we generate most of our revenues from selling information and software solutions electronically and on a subscription basis, our businesses have historically been resilient over time, but they are not immune to the recent downturn in the global economy,” Chief Executive Steve Hasker said in statement.
Reuters News revenues were flat at $155 million, while organic revenues fell 4% due to COVID-19 related cancellations of events in the Reuters Events business, the company said.
Writing by Nick Zieminski in New York; Editing by Jason Neely and Alexander Smith