2023-07-27 07:49:14 ET
S&P Global ( NYSE: SPGI ), the giant financial services company, had a mixed quarter as demand for its solutions moderated. The company’s revenue jumped by 3.7% reaching $3.1 billion. It was about $40 million higher than what analysts were expecting.
Its market intelligence revenue rose to $1.07 billion while its ratings, commodity insights, and mobility rose to $851 million, $462 million, and $369 million, respectively. Indices revenue rose by 3% to $348 million.
For the year, the company expects that its revenue will increase by between 10% and 12% while its operating margin will be between 34% and 35%. Capital expenditures will come in at $140 million, In a statement, Douglas Peterson, the company’s CEO said:
“With the current rapid pace of technological advancement, particularly in the area of Artificial Intelligence , we have never been more excited about the potential for powerful new solutions and tools that S&P Global will soon be able to bring to our customers.”
S&P Global is a dividend aristocrat that many people don’t know about. It is nonetheless known by many leaders in the corporate and government sectors. It has a commanding share in key industries.
For example, it is one of the three biggest credit rating agencies in the world. The others are Moody’s and Fitch. Also, it is one of the four biggest index providers in the world, with the others being MSCI, FTSE Russell, and Bloomberg.
S&P Global also owns Platts, one of the biggest players in the commodities market. Over the years, the company has grown through acquisitions. The most recent major buyout was IHS Markit in a $44 billion deal, as we wrote here .
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