Financial data firm FactSet's profit rises on strong subscriptions growth

(Reuters) - FactSet Research Systems on Thursday reported higher quarterly profit as more investors signed up for its financial data and analytics services.

WHY IT'S IMPORTANT

Investors have been spending more on financial-data products as markets rallied after the U.S. Federal Reserve delivered its first interest-rate cut in more than four years in September.

KEY QUOTE

"As we enter our second quarter, we have a robust pipeline fueled by the strength of our diverse portfolio of innovative solutions that deliver value and resonate with our clients," said FactSet CEO Phil Snow.

BY THE NUMBERS

Annual subscription value (ASV) rose 4.9% to $2.27 billion during the quarter. ASV indicates revenue potential from subscription services for the next 12 months.

On an adjusted basis, the Norwalk, Connecticut-based company earned $4.37 per diluted share for the quarter ended Nov. 30, compared with $4.12 last year.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sahal Muhammed)

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