London Stock Exchange Group PLC (LSE:LSEG) shares fell in early reactions to its first-quarter trading update but recovered by mid-morning.
The exchange operator and financial data provider reported total income of £2.26 billion for the first three months of 2025, which was up 7.8% on an organic basis but slightly below consensus forecasts.
The miss was driven by lower than expected income from Data & Analytics, FTSE Russell and Risk Intelligence, with analysts at UBS suggesting it was related to currency swings.
Markets, a new segment combining the former Capital Markets and Post Trade arms, was better than expected, though.
CEO David Schwimmer said the Markets division saw "strong broad-based growth against a backdrop of elevated volatility, which has persisted into April reflecting continuing uncertainty around the outlook for financial markets and the global economy more broadly".
Aannual subscription value at the end of March had inched up to 6.4% from 6.3% at the end of December.
LSEG has completed £245 million of its £500 million share buyback program, it said.
Overall, Schwimmer called it "another quarter of good growth" and said the strategic transformation of the group was continuing, "building a strong product pipeline, investing in our engineering talent and delivering on the Microsoft partnership".