Tuesday’s session on the stock exchanges in New York and Toronto brought a sharp reversal for Thomson Reuters (TRI). Despite the publication of a very solid quarterly report, the company’s shares — after initial gains — quickly changed direction. The source of market concern was not the company’s financial performance, but a new package of AI tools for the financial sector announced by startup Anthropic.
Strong results, poor timing
Thomson Reuters reported first-quarter results that, under normal circumstances, would likely have been received positively. Organic revenue growth reached 8 percent, adjusted EBITDA rose to USD 881 million, up 9 percent year on year, while adjusted earnings per share increased by 10 percent to USD 1.23.
Management maintained its full-year guidance, expecting revenue growth of 7.5–8 percent and an EBITDA margin of around 40 percent. The market, however, largely ignored these figures once news from a potential competitor reached investors.
What did Anthropic unveil?
On Tuesday, Anthropic released 10 ready-made AI agent templates aimed directly at professionals in banking, insurance, asset management and fintech. The agents, operating through Claude Cowork and Claude Managed Agents, can prepare client presentations, verify financial statements, conduct KYC checks, draft credit memoranda and escalate cases to compliance teams.
The package is available through Anthropic’s financial services platform for all paid subscription plans.
On the same day, The Wall Street Journal reported on a separate partnership between Anthropic and Fidelity National Information Services, aimed at developing AI tools for detecting financial crime in banking.
Déjà vu for investors
The sell-off resembled an episode from a few months earlier. In early February, Anthropic launched a legal plugin for Claude Cowork — and Thomson Reuters shares lost around 16 percent in a single session. RELX and Wolters Kluwer fell by 14 percent and 13 percent, respectively. According to Reuters, the broader wave wiped nearly USD 1 trillion from the market capitalization of the S&P 500 Software and Services Index in just six trading sessions.
Since then, Thomson Reuters has consistently tried to shift the narrative around AI — from threat to opportunity. Its legal research tool CoCounsel has surpassed one million active users, while the share of AI-assisted contracts increased from 15 percent to 28 percent of annual contract value over four quarters.
After the February sell-off, CEO Steve Hasker said the reaction reflected “anxiety, not fundamentals.” Whether investors will finally believe him remains an open question.
Disclaimer: The information contained in this publication is for informational purposes only. It does not constitute financial advice or any other form of advice, is general in nature and is not directed at any specific recipient. Before using this information for any purpose, independent advice should be sought.
