Personally we think that this global slowdown has fundamentally changed the way law firms will in the future manage their information needs. It is by no means the final nail in the coffin.. more like the undertaker has received an order to start building the coffin… but Mr Glocer has the think in quarterly terms so this is what he says about his company’s Q.3 figures
Reuters report:
Thomson Reuters Corp reported that quarterly revenue in its markets and legal businesses fell as customers cut costs in the wake of the financial crisis, but its CEO said the worst was over.
The news and financial data publisher, whose shares fell about 1 percent, said on Thursday that third-quarter profit beat Wall Street estimates, helped by foreign currency rates and cost savings.
“We think our markets are improving and our results in the business in the third quarter were better than the second, and we think that’s a trend that continues,” Chief Executive Thomas Glocer said on a call with reporters. “We are past the nadir.”
Revenue from ongoing businesses, excluding the impact of foreign exchange rates, fell 2 percent to $3.21 billion. That compared to the average analyst forecast of $3.23 billion.
Markets division third-quarter revenue fell 4 percent to $1.86 billion, excluding currency.
The legal unit, the largest part of the company’s professional division by revenue and operating profit, posted a 1 percent decline in revenue.
Full report at?? http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20091105&id=10669253
