FactSet Research Systems trimmed its fiscal-year targets for revenue and adjusted earnings, and the data company said it plans to cut costs.
The Norwalk, Conn.-based company, whose offerings include analytics and data products, is now targeting revenue of $2.2 billion to $2.21 billion, down from prior guidance of $2.21 billion to $2.23 billion.
FactSet also cut its outlook for earnings to $13.95 a share to $14.35 a share, down from $14.20 a share to $14.70 a share. The company is targeting adjusted earnings of $15.60 a share to $16.00 a share, down from $15.65 a share to $16.15 a share.
The company said it expects to book $10 million to $15 million in charges during its fiscal second quarter tied to cost cuts, including both variable costs and personnel-related costs.