Anthropic AI rollout dents Thomson Reuters shares despite Q1 beat
Thomson Reuters just posted better-than-expected earnings for the first quarter: $1.27 per share versus $1.21 analysts predicted, with revenue also topping forecasts at $2.09 billion.
But despite the good news, shares slid over 5% on Tuesday after rival Anthropic rolled out new AI tools for financial services, making investors nervous about future competition.
CoCounsel upgrade promised as doubts linger
Investor concerns about AI competition aren't new: earlier this year, Thomson Reuters's stock took a big hit when Anthropic announced a productivity tool to help automate legal work for companies.
Even though Thomson Reuters bounced back with its own AI tool, CoCounsel, doubts still linger.
CEO Steve Hasker tried to reassure everyone by highlighting strong customer loyalty and promising an upgraded CoCounsel later this year, but admitted it might take "a few quarters" to win back full investor confidence.