The Toronto-based legal and financial tech company saw first-quarter revenues rise 10 per cent year-over-year, with diluted earnings per share up seven per cent. While the stock opened higher, it lost momentum after the firm’s earnings call, when analysts pressed the company on how it would both contain costs and appeal to law firms being courted by legaltech startups. (The Logic)

Talking point: The company said it has a strategy to expand down market, as increasingly it’s not just big-budget firms buying legal and tax technologies, but smaller and solo players. The company faced questions about its ties to AI company Anthropic, since it is spending money on its own large language model (LLM), Thomson. CEO Steve Hasker said that Anthropic is an important vendor, but Thomson Reuters’ AI platforms are “model agnostic,” with chief financial officer Mike Eastwood adding that the custom LLM is a “relatively small” cost. Executives said AI content licensing revenue from Reuters News is on the “high end” of its transaction revenue.