{"id":34117,"date":"2023-05-04T13:41:50","date_gmt":"2023-05-04T13:41:50","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/nyse-parent-ice-beats-profit\/"},"modified":"2023-05-04T13:49:38","modified_gmt":"2023-05-04T13:49:38","slug":"nyse-parent-ice-tops-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/nyse-parent-ice-tops-profit\/","title":{"rendered":"NYSE-parent ICE tops profit views as market volatility spurs trading"},"content":{"rendered":"<p>NEW YORK (Reuters) -Intercontinental Exchange Inc on Thursday reported first-quarter profit slightly above Wall Street views, as market volatility boosted the New York Stock Exchange parent&#8217;s exchange unit, helping offset a rates-driven slump in its mortgage technology business.<\/p>\n<p>Investors have been overhauling their portfolios to hedge against risk after a slew of interest rate hikes by the U.S. Federal Reserve and the recent banking crisis that has roiled markets.<\/p>\n<p>Revenue from ICE&#8217;s exchanges segment, its biggest business, grew 1% from a year earlier to a record $1.09 billion, while the company&#8217;s fixed income and data services segment revenue rose 11% to a record $563 million.<\/p>\n<p>However, a sharp rise in interest rates have quelled demand for mortgages, hurting ICE&#8217;s mortgage technology unit, which helps businesses originate, review and process mortgages.<\/p>\n<p>Revenue from the segment dipped 23% to $236 million.<\/p>\n<p>On an adjusted basis, the exchange operator reported a profit of $1.41 per share for the quarter ended March 31, which was a penny above the mean estimate of analysts, according to Refinitiv data.<\/p>\n<p>The main driver of the profit beat was lower-than-expected expenses, Jefferies analyst Daniel Fannon said in a client note.<\/p>\n<p>ICE&#8217;s total revenue, excluding transaction-based expenses, was $1.9 billion, down 0.2% from a year ago.<\/p>\n<p> (Reporting by John McCrank in New York and Siddarth S in Bengaluru; Editing by Will Dunham and Krishna Chandra Eluri)<\/p>\n<p><a href=\"https:\/\/lynettelockhart.com\/client\/nyse-parent-ice-beats-profit\/a-trader-walks-below-screens-showing-the-current-price-of\/\"><img decoding=\"async\" src=\"https:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430GU-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ430GU-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK (Reuters) -Intercontinental Exchange Inc on Thursday reported first-quarter profit slightly above Wall Street views, as market volatility boosted the New York Stock Exchange parent&#8217;s exchange unit, helping offset a rates-driven slump in its mortgage technology business. Investors have been overhauling their portfolios to hedge against risk after a slew of interest rate hikes [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":34118,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-34117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430GU-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=34117"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34117\/revisions"}],"predecessor-version":[{"id":34242,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34117\/revisions\/34242"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/34118"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=34117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=34117"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=34117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}