The Thomson Reuters Group, the owner of the Reuters news agency, said it will spend between $ 500 and $ 600 million over the next two years on artificial intelligence (AI) and machine learning.
Thomson Reuters will streamline technology, close offices and rely more on machines to prepare for the “post-Covid” world. The Toronto-based company plans to spend between $ 500 and $ 600 million over the next two years on technology, investing in AI and machine learning to deliver faster data to customers who are ramping up working remotely.
The company will transform from a content provider to a content-centric technology company. Thomson Reuters’ goal is to cut operating costs by $ 600 million by eliminating duplication of functionality, modernizing and strengthening technology, and shrinking property acreage. Layoffs aren’t the focus of cost-cutting. Currently, they also have no plans to divest their assets.
CEO Steve Hasker said the company is looking to change behavior led by Covid-19. Experts who work from tutors depend more on continuous, real-time 24/7 information, served via software and provided by AI and machine learning.
In its business report, Thomson Reuters forecasts steady revenue growth over the next three years from 1.3% in 2020. Last year’s revenue rose 2% to $ 1.62 billion, and operating profit. increased by more than 300% to 956 million USD. The Reuters news agency brought in lower revenue in the last quarter of the year. In January, Editor-in-Chief Stephen J. Adler announced his retirement from April.
Du Lam (Reuters)
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