FactSet's quarterly profit rises on strong demand for data, analytics
(Reuters) - FactSet Research Systems on Tuesday reported a rise in first-quarter adjusted profit, as strong demand for data and analytics services drove the subscription growth of the financial information provider.
Volatility in the global market spurred demand for the company's market intelligence products that help clients carry out an in-depth analysis and assess risk profiles in a high-interest rate environment.
"We remain vigilant about evolving market conditions as we direct investment toward our most competitive offerings, including AI," FactSet CFO Linda Huber said in a statement.
FactSet's revenue rose 7.4% to $542.2 million, driven by strong growth in its Americas unit.
Annual subscription value (ASV) plus professional services rose 7.14% to $2.18 billion during the quarter. ASV indicates the revenue potential for the next 12 months from subscription services.
On an adjusted basis, the company earned $4.12 per diluted share in the first quarter ended Nov. 30, up 3.3% compared with $3.99 per share profit reported a year earlier.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shweta Agarwal)
