(Reuters) -Thomson Reuters on Tuesday reported higher than expected third-quarter revenue as it continued to invest in generative AI. 

The Toronto-based content and technology company said it was spending more than $200 million on AI investments this year. 

It reported a quarterly revenue rise of 8% to $1.72 billion, just ahead of analyst expectations, according to LSEG data.

Adjusted earnings per share came in at 80 cents. Wall Street expected a profit per share of 76 cents. 

“We remain focused on driving innovation across our portfolio and markets to best serve our customers, demonstrated by our investment in AI now increasing to more than $200 million in 2024,” Chief Executive Steve Hasker said in prepared remarks. 

Thomson Reuters (NYSE:)’ AI products include Westlaw AI and CoCounsel. CoCounsel is a chat-based generative AI (GenAI) assistant that can help draft documents, sift through research and locate information scattered across different sources for legal professionals.

In August, Thomson Reuters announced the purchase of Safe Sign Technologies, a UK-based company developing large language models for the legal industry. In October, the company announced the purchase of Materia, which makes so-called agentic AI assistants, which can perform tasks and solve complex problems on its own, in the tax and accounting industries.

The company said it now expected full-year organic revenue to rise by about 7%, up from an earlier expectation of about 6.5%. Organic revenue is reported on a constant currency basis and excludes the impact of acquisitions and asset sales.

Acquisitions helped drive revenue rises at some of Thomson Reuters’ “Big 3” businesses. 

Revenue at its legal, corporates, and tax and accounting businesses rose 9%. 

Reuters News revenue, which rose 10%, benefitted from acquisitions and generative AI-related licensing revenue.