(Reuters) – Intercontinental Exchange Inc (ICE.N), which owns the New York Stock Exchange, reported a 27% fall in fourth-quarter profit on Thursday, hurt by muted growth in its transaction and clearing business.

Total revenue, excluding transaction-based expenses, fell nearly 1% to $1.30 billion, in line with analysts’ expectations, as weak transaction and clearing business offset a rise in revenue at its data services unit.

NYSE-owner ICE has been focusing more on more stable business like data services, moving away from market-dependent services, in a bid to minimize the impact of volatility swings.

The company said revenue from its data and listing unit, which includes pricing, analytics and exchange data feeds and connectivity, rose to $672 million from $651 million.

Revenue from the transaction and clearing unit fell 3.2% to $626 million in the quarter.

Net income attributable to the company fell to $448 million, or 80 cents per share, in the quarter ended Dec. 31, from $611 million, or $1.07 per share, a year earlier.

The company reported an adjusted profit of 95 cents per share, in line with average analysts’ estimates.

Reporting by C Nivedita in Bengaluru and John McCrank in New York; Editing by Saumyadeb Chakrabarty and Arun Koyyur

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Fed’s Bullard says another coronavirus economic relief bill may not be needed

WASHINGTON (Reuters) – A top official at the U.S. Federal Reserve said on Sunday the $2.3 trillion economic relief bill approved by Congress was appropriately sized and that a further relief effort may not be needed if support efforts are…

Outbreak’s global cost may top $4T; auto insurers get break

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Friday related to the global economy, the work place and the spread of the virus. ———————————— CRASH COSTS CRASHING: One…

Harley-Davidson names Jochen Zeitz as CEO

(Reuters) – Motorcycle maker Harley-Davidson Inc (HOG.N) on Thursday named Jochen Zeitz as chief executive officer. Zeitz has served as acting president and CEO of the company since February 2020. Reporting by Sanjana Shivdas in Bengaluru; Editing by Saumyadeb Chakrabarty…

Disney could take a $280 million hit from its Chinese parks because of the coronavirus and protests

Hong Kong (CNN Business)Disney has warned that profits from its parks in China could drop by $280 million in the current quarter, due to shutdowns caused by the coronavirus and a loss of business related to recent mass protests in…