Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Dec 20, 2023 01:49PM ET
FactSet (NYSE: FDS), a global provider of integrated financial information and analytical applications, has presented its first-quarter earnings for the fiscal year 2024, revealing a mixed financial picture influenced by challenging market conditions. The company reported organic ASV plus professional services growth of 7.1% year-over-year and an increase in GAAP EPS by 9.1%. Despite these gains, FactSet has revised its fiscal 2024 guidance due to lengthening sales cycles and geopolitical uncertainty impacting client budgets. The earnings call also highlighted the introduction of FactSet Mercury, a conversational AI interface, and the company's commitment to investing in AI and other strategic initiatives.
FactSet's earnings call revealed a company grappling with a complex market environment but still strategically investing in growth areas like AI and wealth management. While the company has revised its fiscal 2024 guidance in light of current challenges, it remains focused on long-term opportunities and is proactive in managing costs to support its strategic investments. FactSet's commitment to innovation, as evidenced by the introduction of FactSet Mercury and other AI initiatives, positions it to potentially benefit from market recovery and client demand for advanced financial tools and analytics.
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Written By: Investing.com
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