(Toronto) Thomson Reuters announced Wednesday its intention to invest more than US$100 million per year in generative artificial intelligence.
The company said it is preparing AI-powered capabilities for its products, including a tool for its Westlaw Precision service, which will launch on November 15 in the United States.
According to Thomson Reuters CEO Steve Hasker, AI will “revolutionize and transform the future of work for professionals everywhere.”
Earlier this year, Thomson Reuters acquired Casetext, which uses advanced artificial intelligence and machine learning to build technology for lawyers.
The company also wants to develop AI capabilities, make acquisitions, find partners and train its staff to use AI in all its activities.
Elsewhere, Thomson Reuters on Wednesday posted a third-quarter profit of US$367 million, up from US$228 million in the same period last year.
The company’s earnings per share were 80 US cents for the quarter ended September 30, compared to earnings per share of 47 US cents for the same quarter in 2022.
Revenues totaled US1.59 billion, up from US1.57 billion a year earlier.
Thomson Reuters attributed the increase to recurring revenue growth, which was partially offset by net divestitures.
On an adjusted basis, Thomson Reuters earned 82 cents per share, up from 58 cents per share in the previous third quarter.