Thomson Reuters planning to invest more than US$100 million a year in generative AI
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 01/11/2023 (1009 days ago), so information in it may no longer be current.
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)