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ICE's profit drops on higher expenses but beats estimates
February 7, 2017 / 1:13 PM / 10 months ago

ICE's profit drops on higher expenses but beats estimates

NEW YORK (Reuters) - Intercontinental Exchange Inc (ICE.N), which owns the New York Stock Exchange, on Tuesday reported lower fourth-quarter earnings as higher expenses outweighed a doubling of data services revenue.

Net income attributable to the exchange and clearing house operator dropped to $352 million, or 59 cents per share, from $370 million, or 66 cents per share, a year earlier.

    Excluding acquisition-related expenses and other one-time items, the profit was 71 cents a share, topping the analysts’ average estimate by 2 cents, according to Thomson Reuters I/B/E/S.

    Revenue increased to $1.1 billion from $875 million as data services revenues rose to $515 million from $257 million.

    Operating expenses rose to $580 million from $457 million.

    Reporting by John McCrank; Editing by Lisa Von Ahn

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