Revenue was up six per cent to US$1.7 billion, fuelled by growth in its “Big Three” revenue segments—legal professionals, corporates, and tax and accounting professionals. However, the firm’s operating profit decreased 73 per cent, offset by its increasing expenses, and while it raised its guidance for organic revenue growth in 2022–23, its shares were down 1.82 per cent at 4 p.m. ET. (The Logic) 

Talking point: CEO Steve Hasker attributed the higher expenses in part to bigger performance bonuses and investment in the Change Program, Thomson Reuters’ effort to transition itself from a holding company to an operating one, and to a “content-driven technology company.”. “What we are doing is fundamentally building and rebuilding all of the component parts and the technologies that support our customer experience,” Hasker said in a conference call Tuesday. Last year, it set up a US$100-million VC fund to invest in early-stage companies.