Revenues for financial tech firm Thomson Reuters stayed flat in the first quarter, as weaker earnings from its financial and risk business offset higher takings from its tax and accounting arm.

The New York and Toronto-listed company, which also runs a financial news service competing against Bloomberg, said revenues slipped 1% to $2.79bn in July, short of hopes of $2.8bn. Underlying operating profit grew 8% to $498m.

“The year is off to a solid start,” said Jim Smith, president and chief executive.

“It’s encouraging to see the continued positive trajectory of our business, despite a somewhat volatile and challenging period in external markets during the first quarter.”

Tax & accounting revenue increased 8% to $389m. Sales in its financial & risk business, which sells trading and investing tools, declined 1% compared to the prior-year period.

Reuters News revenues were $75m, up $1m from the prior-year period.

Thomson Reuters said in February that it expected to sell its Intellectual Property & Sciences business in the second half of the year.