Financial data firm FactSet's Q3 profit falls as clients curb spending
June 23 (Reuters) - Financial data firm FactSet FDS.N on Monday reported a fall in third-quarter profit, pressured by slower client spending amid ongoing macroeconomic uncertainty.
WHY IT IS IMPORTANT
Trade policy uncertainty under the Trump administration has prompted investors and clients to take a wait-and-see approach, dampening deal flow and demand for market-related products at FactSet.
BY THE NUMBERS
The company's organic annual subscription value (ASV) — which indicates the revenue potential for the next 12 months from subscription services — rose 4.5% to $2.3 billion during the quarter.
On an adjusted basis, the company earned $4.27 per share for the quarter ended May 31, compared with $4.37 per share in the year-ago period.
Its revenue rose 5.9% to $585.5 million.
CONTEXT
FactSet provides financial data and tools that help investors analyze markets, manage risk, and track portfolios.
The company's buy-side clients – including institutional asset managers, wealth managers, asset owners, hedge funds and corporate clients – accounted for 82% of organic ASV.
MARKET REACTION
Shares of the Norwalk, Connecticut-based company fell nearly 0.79% to $419 premarket. The stock has lost nearly 12.1% so far this year, compared with a 1.5% gain for the benchmark S&P 500 index .SPX.
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