CEO Steve Hasker said the Toronto-based media company plans to invest some US$100 million into artificial intelligence technology annually and will incorporate generative AI into flagship products in the latter half of the year. The company—which is majority owned by Canada’s richest family, the Thomsons—also reported US$1.74 billion in first-quarter revenue, up four per cent from a year ago. (Reuters, The Logic)
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CEO Steve Hasker said the Toronto-based media company plans to invest some US$100 million into artificial intelligence technology annually and will incorporate generative AI into flagship products in the latter half of the year. The company—which is majority owned by Canada’s richest family, the Thomsons—also reported US$1.74 billion in first-quarter revenue, up four per cent from a year ago. (Reuters, The Logic)
Talking point: Adjusted earnings-per-share rose from 66 cents to 82 cents. Hasker said the company is largely maintaining its 2023 outlook, despite “elevated macroeconomic uncertainty.” That confidence comes from steady growth in Reuters’s three key segments—legal, corporates, and tax and accounting services—in which combined revenue grew seven per cent, as well as its AI bet. Its plans reflect ballooning interest in AI among corporations. IBM CEO Arvind Krishna said this week the company plans to pause hiring for positions AI could eventually replace, which could amount to about 7,800 jobs lost.
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