FactSet Research Systems, a company based in Norwalk, Connecticut, has announced its higher revenue and earnings for the fiscal first quarter. The company's data platform has experienced an increase in the number of wealth-management users.
Increased Profit and Earnings
For the three months ending on November 30, FactSet posted a profit of $148.6 million, or $3.84 per share, compared to $136.8 million, or $3.52 per share, in the same period last year. Adjusted earnings, which exclude one-time items like amortization, came to $4.12 per share, slightly surpassing the analysts' expected figure of $4.11 per share.
Strong Revenue Growth
FactSet also reported a more than 7% increase in revenue, reaching $542.2 million for the quarter. Analysts had predicted revenue of $540.3 million, making this a positive outcome for the company.
Growing User Base
The user count saw a significant rise during the quarter, with 17,111 new users bringing the total to 207,083. This increase was primarily driven by a growth in wealth management users.
Outlook and Strategic Investments
Chief Financial Officer Linda Huber emphasized the company's focus on adapting to evolving market conditions and investing in competitive offerings such as AI. FactSet aims to leverage these investments to maintain its position of strength in the market.
For more information and updates, please visit FactSet's official website.