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UPDATE 1-MarketAxess profit misses estimate on higher costs
April 25, 2012 / 10:55 AM / 5 years ago

UPDATE 1-MarketAxess profit misses estimate on higher costs

April 25 (Reuters) - Electronic bond trading platforms operator MarketAxess Holdings Inc’s quarterly profit rose but missed analysts’ expectations by a cent, hurt by higher expenses.

MarketAxess earned $13.4 million for the first quarter, or 35 cents per share, up from $10.8 million, or 27 cents a share, a share, a year earlier.

Total revenue rose 16 percent to $50.7 million, while commissions jumped nearly 19 percent to $44.9 million.

Analysts on average had expected earnings of 35 cents per share on revenue of $50.1 million, according to Thomson Reuters I/B/E/S.

Expenses rose 8 percent to $27.9 million for the quarter ended March.

Shares of the New York-based company closed at $36.05 on Tuesday on the Nasdaq.

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