FactSet beats Q2 profit estimates amid surge in financial services subscriptions
(Reuters) - FactSet Research Systems on Thursday beat second-quarter profit estimates on the back of robust demand for its financial data and analytics services driving the subscription growth.
Increasing hopes of a soft landing have spurred a rally in the global markets, prompting investors to spend more on market-related products, benefiting companies such as FactSet.
Annual subscription value (ASV) plus professional services rose 5.4% to $2.21 billion during the quarter. ASV indicates the revenue potential for the next 12 months from subscription services.
On an adjusted basis, the company earned $4.22 per diluted share in the quarter ended Feb. 29, compared with $3.80 per share from the same period last year.
Analysts on average had expected a profit of $3.88 per share, according to LSEG estimates.
FactSet's revenue rose 6% to $545.90 million for the quarter.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Vijay Kishore)
