Thomson Reuters Corp said on Tuesday that new sales of its financial terminals outpaced cancellations in the third quarter for the first time since 2011, and it announced 3,000 job cuts to reduce costs.The global news and information company's stock rose more than 2 percent to hit a two-year high on optimism that the positive turn in net sales will translate into stronger revenue growth next year, since terminal subscriptions are signed on an annual basis. Thomson Reuters also announced a $1 billion share buyback program."Clearly what we are seeing is progress on the turnaround efforts at Thomson Reuters," said Piper Jaffray analyst Peter Appert. "Getting back to positive net sales was significant."Still, revenue rose just 2 percent in the third quarter, underscoring a tough business climate as banks and law firms cut jobs and curb spending.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 2.35% or $0.84/share to $36.57. In the past year, the shares have traded as low as $26.71 and as high as $36.04. On average, 838466 shares of TRI exchange hands on a given day and today's volume is recorded at 1466293.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 2.55% or $0.95/share to $38.27. In the past year, the shares have traded as low as $26.65 and as high as $37.15. On average, 798941 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 1301797.
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