(Toronto) Thomson Reuters posted first-quarter profit of US$756 million on Tuesday, as revenue rose 4% from the same period last year.

The company’s profit was US$1.59 per share for the quarter ended March 31, down from US$1.01 billion, or US$2.06 per share, in the first quarter. previous quarter, which had benefited from a significant increase in the value of the company’s stake in the London Stock Exchange Group, which notably operates the London Stock Exchange.

Revenues totaled nearly US$1.74 billion, down from US$1.67 billion in the first three months of 2022.

On an adjusted basis, Thomson Reuters says it earned 82 cents per share in the most recent quarter, compared to 66 cents a year ago.

Analysts on average had expected adjusted earnings of 80 US cents, according to forecasts compiled by financial data firm Refinitiv.

In its outlook for 2023, Thomson Reuters said it now expects total revenue growth of between 3.0% and 3.5%, while it was instead targeting growth of between 4.5% and 5 .0% in its previous forecast. The downgrade was driven by the sale of a majority stake in legal technology company Elite to private equity firm TPG.

Company in this story: (TSX: TRI)