Reuters announces $100 million-a-year AI strategy

The company said on Wednesday that it is building AI-powered capabilities for its products, including tools for its flagship service, Westlaw Precision.

Reuters announces its $100 million annual AI strategy (Figure 1). — Illustration: Wikipedia

This plan includes enhancing AI skills for the company's global workforce of 26,000 people. CEO Steve Hasker stated, "AI will revolutionize and transform the future of work for professionals worldwide..."

The company statement said: “Based on company data and AI ethical principles, we are providing training and technology to enhance colleagues’ understanding of AI in a safe and effective environment.”

Reuters reported that the company is looking to build AI capabilities, make acquisitions, find partners, and train employees to use AI in its business operations. This announcement comes as the company reported third-quarter 2023 earnings of $367 million, up from $228 million in the same period last year.

Reuters' third-quarter revenue reached $1.59 billion, up from $1.57 billion in the same period last year. Reuters said this increase was supported by growth in recurring revenue, partially offset by net divestment.

Reuters News' revenue of $180 million increased 5% thanks to higher contract prices from its news deal with LSEG's data & analytics business, as well as growth in trading events and digital advertising revenue.

Mai Anh (according to Reuters)

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