The company said Wednesday that it is building AI-powered capabilities into its products, including tools for its flagship service Westlaw Precision.
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The plan includes upgrading AI skills for the company's 26,000-strong global workforce. "AI will revolutionize and transform the future of work for professionals around the world," said CEO Steve Hasker.
“Based on the company’s data and AI ethics principles, the company is providing training and technology to enhance colleagues’ understanding of AI in a safe and productive environment,” the company said in a statement.
Reuters said it is looking to build AI, make acquisitions, find partners and train employees to use AI in its business. The announcement came as the company reported third-quarter 2023 profit of $367 million, up from $228 million in the same period last year.
Reuters' total revenue for the third quarter was $1.59 billion, up from $1.57 billion in the same period last year. Reuters said the increase was supported by growth in recurring revenue, partially offset by net divestments.
Reuters News' $180 million revenue rose 5%, driven by a contractual price increase from its news deal with LSEG's data & analytics business, as well as growth in deal events and digital advertising revenue.
Mai Anh (according to Reuters)
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