May 2 Reuters Thomson Reuters Corp on Tuesday reported higherthanexpected sales and operating profit in the first quarter, helped by divestitures and high customer retention rates, as it plans a deeper investment in artificial intelligence.

The news and information company reported adjusted earnings of 82 cents per share, beating analyst forecasts for 80 cents.

Total revenue rose 4 in the quarter to 1.738 billion, beating expectations, according to estimates from Refinitiv.

Thomson Reuters, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, said organic revenue was up 7 for its Big 3 segments Legal Professionals, Corporates and Tax Accounting Professionals.

While we acknowledge elevated macroeconomic uncertainty, our underlying business is resilient, Chief Executive Steve Hasker said in a statement.

Thomson Reuters reaffirmed most 2023 financial estimates, but trimmed its fullyear total revenue growth forecast to 3 to 3.5, from 4.5 to 5, reflecting the sale of a majority stake in legal business management software company Elite to TPG.

In an interview with Reuters, Hasker said the company does not expect layoffs this year.

Shares, which reached a record high last month, fell about 1 in both New York and Toronto trading.

The company delivered a good quarter but its positives are already reflected in its shares, analyst Matt Arnold of Edward Jones said in a note, adding he saw no catalyst for Tuesday39;s…