The company’s fourth-quarter revenue increased 3 per cent to US$1.77-billion, and was 6 per cent higher excluding the drag caused by foreign currency fluctuations and the sale of assets
reported resilient financial results to finish 2022 and kept its earnings outlook for the current year mostly unchanged in spite of mounting economic pressures from inflation and interest rates.
In 2023, Thomson Reuters is entering a new phase. The company has just wrapped up a two-year transformation plan to upgrade its technology and services and improve customer service. With an upfront investment of US$600-million, Thomson Reuters said it has streamlined its services and stripped out costs that will save the company US$540-million annually.
Now, the company is shifting more of its focus to crafting future plans to speed up its revenue growth – it is likely to start outlining an “acceleration plan” later this year, Mr. Hasker said – and to deploying a large store of capital that will soon become available. “Having a disciplined capital allocation process will be a real focus for us this year,” Mr. Hasker said.
With increasing cost cutting and layoffs in the technology and financial services sectors, however, “we’re holding our breath that that doesn’t become contagious and it doesn’t become a broad-based recession,” he said.
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