Interactive Data posts drop in 1Q net income

Financial data provider Interactive Data Corp. reported a 7.6 drop in first-quarter net income Monday, hurt by rising expenses.

The company earned $29.5 million, or 30 cents per share, compared with $31.9 million, or 33 cents per share, a year ago.

Revenue climbed 5.8 percent to $196.9 million.

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Results missed Wall Street expectations. Analysts surveyed by Thomson Reuters expected 33 cents per share and revenue of $199.8 million, on average.

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Operating expenses in the quarter were up nearly 11 percent to $152.4 million. The company said costs were up because of a recent strategic review, acquisitions and hiring.

Shares rose 28 cents to $33 in afternoon trading, helped by a broad market upswing Monday.