Thomson Reuters Markets revenue inches up in Q2
NEW YORK (Reuters) - Thomson Reuters Corp reported sluggish growth in its Markets division, as the company struggles to accelerate adoption of its new Eikon flagship desktop for financial professionals.
The second quarter results released on Thursday come on the heels of a management shakeout that resulted in the departure of Markets divisions chief Devin Wenig and several other high-level executives.
Thomson Reuters Chief Executive Thomas Glocer is now taking direct responsibility for the division's turnaround.
Adjusted revenue in the Markets division, which competes with Bloomberg LP, News Corp's Dow Jones and FactSet Research, rose 1 percent from a year earlier to $1.9 billion, slowing from the 2 percent gain in the first quarter.
Overall company results were within the estimated range Thomson Reuters announced last week.
Revenue excluding divestitures was $3.20 billion, up 4 percent before currency adjustments, mainly due to a strong performance in the Professional division serving legal, accounting and other professionals.
Adjusted earnings per share rose to 51 cents from 41 cents in the same quarter last year. Analysts had expected earnings of 49 cents per share and revenue of $3.16 billion, according to Thomson Reuters I/B/E/S.
Thomson Reuters reaffirmed its outlook, saying it expected revenue to grow in the mid-single digits in 2011.