FILE PHOTO: A screen displays the logo and ticker symbol for Intercontinental Exchange, Inc. on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 3, 2016. REUTERS/Brendan McDermid
August 1, 2019
(Reuters) – Intercontinental Exchange Inc <ICE.N>, which owns the New York Stock Exchange, on Thursday beat analysts’ estimates for quarterly profit, helped by growth across its transaction and clearing business and data services unit.
Revenue from the transaction and clearing unit, its biggest business, rose 5% to $907 million while revenue at its data services unit, which publishes daily indexes and historical price data, grew 5.1% to $553 million.
ICE peer London Stock Exchange Group <LSE.L> earlier on Thursday said it had agreed to buy financial information provider Refinitiv for $27 billion, broadening its global footprint in financial data and market infrastructure to compete better with rivals.
Exchange operators have been focusing on high-growth areas such as market data and information services as they seek to diversify revenue away from their core trading businesses whose fortunes are tied to market volatility.
Total revenue, excluding transaction-based expenses, rose 4% to $1.29 billion.
Net income attributable to the company rose to $472 million, or 84 cents per share, in the second quarter ended June 30 from $455 million, or 78 cents per share, a year earlier. (https://reut.rs/2YCBUhd)
On an adjusted basis, ICE earned a profit of 94 cents per share, while analysts expected a profit of 92 cents, according to IBES data from Refinitiv.
(Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva, Bernard Orr)
