CME Group Stock Trading Lower on Q3 Earnings Drop
It has been a rough quarter for financial stocks as another, CME Group (NASDAQ: CME), reported a drop in earnings in the third quarter today.
CME Group, which owns various derivatives exchanges, saw earnings drop 34% year over year to $411.7 million, or $1.15 per share.
Revenue fell roughly 15% to $1.1 billion year over year. The company, which makes most of its money on clearing and transaction fees, reported a big drop in that category as fees declined 19.7% to $835 million, versus the third quarter of 2019. Those losses were offset somewhat by a 7% increase year over year in market data and information services revenue to $139 million.
Source Fool.com
