Moody's 1Q Revenue Falls on Sluggish Credit Markets
By Will Feuer
Moody's Corp. posted lower revenue for the first quarter as economic concerns continued to weigh on the credit markets.
The New York credit-ratings and research firm said its first-quarter earnings rose to $501 million, or $2.72 a share, from $498 million, or $2.68 a share, a year earlier.
Excluding certain items, adjusted earnings were $2.99 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $2.22 a share.
Revenue slipped 3% to $1.47 billion, as concerns around inflation, rising interest rates and economic growth weighed on the credit markets. Revenue at the Moody's Analytics research unit rose 6% to $737 million.
Analysts surveyed by FactSet were expecting total revenue for the quarter of $1.43 billion.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 25, 2023 07:33 ET (11:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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