Why FactSet Research Systems Shares Sliding Today
Portfolio Pulse from Nabaparna Bhattacharya
FactSet Research Systems reported Q3 FY23 sales growth of 8.4% YoY to $529.81 million, beating consensus estimates. Adjusted EPS of $3.79 also beat the consensus of $3.61. The company increased its FY23 adjusted operating margin guidance and announced a new share repurchase authorization of up to $300 million.
June 22, 2023 | 3:55 pm
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NEGATIVE IMPACT
FactSet's Q3 FY23 sales and adjusted EPS beat estimates, and the company raised its FY23 guidance. However, shares traded lower by 6.83%.
FactSet's better-than-expected Q3 results and raised guidance should have been positive for the stock. However, the market reacted negatively, possibly due to the company's outlook for GAAP revenues at the lower end of the prior range. This may have led to concerns about future growth, causing the stock to slide.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100