Thomson Reuters with shrinking profit
The news and data provider Thomson Reuters suffered a drop in sales and profits in the second quarter. However, in view of the banking and media crisis, which has not yet been overcome, the loss was largely in line with expectations.
For the current third quarter, Group CEO Tom Glocer announced last Thursday in New York, according to SDA, that revenue growth is on the cards again and confirmed his annual forecast for 2010. In the period from April to June, sales in the core business fell by two percent to 3.22 billion dollars.
The operating result fell by 17 percent to 655 million dollars within a year. Like other information service providers for banks, companies and the media, Thomson Reuters is struggling with the consequences of the financial market crisis. Banks around the world have made massive job cuts and reduced costs. This continues to dampen the business of Thomson Reuters and competitors such as the US agency Bloomberg, which provide their customers with news as well as trading platforms, databases and software products, mainly on a subscription basis.
Despite the decline in business in recent months, Group CEO Glocer remains optimistic. Thomson Reuters anticipates stable or at most slightly falling sales for the year as a whole. Glocer said that sales of new products in particular were encouraging. The Group was formed in 2008 from the merger of the Canadian media group Thomson with the British news provider Reuters.
The operating result fell by 17 percent to 655 million dollars within a year. Like other information service providers for banks, companies and the media, Thomson Reuters is struggling with the consequences of the financial market crisis. Banks around the world have made massive job cuts and reduced costs. This continues to dampen the business of Thomson Reuters and competitors such as the US agency Bloomberg, which provide their customers with news as well as trading platforms, databases and software products, mainly on a subscription basis.
Despite the decline in business in recent months, Group CEO Glocer remains optimistic. Thomson Reuters anticipates stable or at most slightly falling sales for the year as a whole. Glocer said that sales of new products in particular were encouraging. The Group was formed in 2008 from the merger of the Canadian media group Thomson with the British news provider Reuters.
