March 20 (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.