FactSet’s quarterly profit increases due to increased demand for data and analytics

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FactSet's quarterly profit increases due to increased demand for data and analytics
FactSet's quarterly profit increases due to increased demand for data and analytics

Worldwide market’s volatility increased demand for FactSet’s market intelligence solutions, which enable clients to conduct in-depth analysis

FactSet Research Systems announced an increase in first-quarter adjusted profit on Tuesday, as robust demand for data and analytics services fueled the financial information provider’s subscription growth.

Volatility in the global market increased demand for the FactSet’s market intelligence products, which assist clients in conducting in-depth analyses and risk assessments in a high-interest rate environment.

“We remain vigilant about evolving market conditions as we direct investment toward our most competitive offerings, including AI,” said FactSet CFO Linda Huber.

FactSet’s sales increased 7.4% to $542.2 million, thanks to robust growth in its Americas division.

During the quarter, annual subscription value (ASV) plus professional services increased by 7.14% to $2.18 billion. ASV represents the revenue potential from subscription services over the following 12 months.

On an adjusted basis, the firm made $4.12 per diluted share in the first quarter ended Nov. 30, up 3.3% from the previous year’s profit of $3.99 per share.

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