Thomson Reuters Pours $100 Million into Generative AI, Unleashing New Era for Professionals

UNITED STATES: Thomson Reuters Corp., a global leader in information services, has announced a game-changing initiative to invest over US$100 million annually in generative artificial intelligence (AI). 

The company is poised to revolutionize the professional landscape by integrating cutting-edge AI capabilities into its suite of products. One such advancement is set to debut on November 15 for U.S. customers with the launch of an AI-powered tool for its Westlaw Precision service.

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Earlier this year, Thomson Reuters acquired Casetext, a company known for its pioneering work in advanced AI and machine learning technology for the legal profession. This strategic move reflects the company’s commitment to harnessing the full potential of AI and machine learning.

In addition to internal development, Thomson Reuters plans to bolster its AI capabilities through acquisitions, partnerships, and comprehensive staff training initiatives.

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These investments in AI coincide with the company’s strong financial performance, reporting a third-quarter profit of US$367 million, a notable increase from the previous year’s US$228 million.

The company’s profits, denominated in U.S. dollars, equated to 80 cents per diluted share for the quarter ending on September 30, representing a significant surge from the 47 cents per diluted share recorded in the corresponding period the year prior.

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With net divestitures partially offsetting growth in recurring revenues, the third quarter’s total revenue of US$1.59 billion barely outpaced that of US$1.57 billion from the previous year.

On an adjusted basis, Thomson Reuters reported earnings of 82 cents per share, a notable rise from the previous year’s adjusted profit of 58 cents per share.

These robust financial results underscore the company’s commitment to innovation and its position at the forefront of the AI revolution, poised to redefine the future of professional work worldwide.

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Originally posted 2023-11-02 07:11:08.