UPDATE 3-Thomson Reuters Q1 profit beats, growth slows

* Q1 EPS ex-items 40 cents vs Wall Street view 34 cents

* Q1 revenue $3.12 bln vs Wall Street view $3.17 bln

* Reaffirms outlook for 2009 revenue growth

* CEO can't call bottom but says market sentiment good

* Shares fall 5 pct in New York, Toronto; 2 pct in London (Adds Glocer quotes, updates shares)

By Georgina Prodhan and Tiffany Wu

LONDON/NEW YORK, May 7 (Reuters) - Thomson Reuters Corp (TRIL.L: Quote, Profile, Research) (TRI.TO: Quote, Profile, Research) reported a higher-than-expected quarterly profit due mainly to cost controls, but revenue growth slowed in the financial industry downturn.

The news and financial data publisher reaffirmed its expectation of a revenue increase in 2009, although this was not enough to prevent investors from taking profits after a more than 20 percent run-up in the share price this year.

Revenue in the group's Professional division, which supplies information to lawyers, scientists, accountants and the healthcare industry, rose 5 percent after excluding the impact of the strong dollar, to $1.27 billion.