(Reuters) – FactSet beat analysts’ estimate for second-quarter profit on Thursday, as robust demand for its financial data and analytics services drove subscription growth at the company.
Demand for market analytical tools has risen as investors try to navigate delayed prospects of interest rate cuts and rising uncertainty over the economic impact of the Trump administration’s trade, immigration and fiscal policies.
The company’s organic annual subscription value — which indicates the revenue potential for the next 12 months from subscription services — rose 4.1% to $2.28 billion during the quarter.
On an adjusted basis, FactSet posted a per-share profit of $4.28 for the quarter ended February 28, compared with $4.22 a year earlier and analysts’ average estimate of $4.16, according to data compiled by LSEG.
Its revenue rose 4.5% to $570.7 million.
Last month, the Norwalk, Connecticut-based company acquired trade management platform LiquidityBook, which offers global broker-market connectivity for hedge funds, asset managers and sell-side firms, for $246.5 million in cash.
During the second quarter, FactSet also launched Pitch Creator, an artificial intelligence-powered presentation creator tool for junior bankers.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Shilpi Majumdar)
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