S&P Global reports higher first-quarter profit on demand for analytics products

April 28 (Reuters) – Financial information company S&P Global reported a rise in first-quarter profit on Tuesday on strong demand for its data and analytics offerings amid geopolitical uncertainty, sending its shares up about 1.3% in premarket trading.

Rising market volatility, private credit concerns and geopolitical uncertainty pushed investors to rely more on market analytics and risk assessment tools, helping firms such as S&P Global.

The New York-based company provides credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

Ratings agency Moody’s also reported a rise in profit earlier this month, driven by strong demand for its research and analytics products.

Revenue from S&P’s ratings segment, which provides credit ratings, research and analytics to investors, jumped 13% to $1.3 billion in the three months ending March 31.

Meanwhile, revenue from its market intelligence unit, which provides data and analytics to investment professionals, corporations and government agencies, rose 8% to $1.3 billion.

Total revenue increased 10% to $4.17 billion.

The company reported profit of $4.69 per share for the quarter, compared with $3.54 per share a year earlier.

S&P Global’s shares have lost more than 15% this year as investor unease over AI-driven disruption in the software and services sector weighed on the stock.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Vijay Kishore)