IDC profit rises on sales gains

Interactive Data Corp. said today that first-quarter profit rose 29 percent as traders, banks and brokers responded favorably to improvements the financial data services provider made to its investment research and analysis products.

Interactive Data posted first-quarter net income of $25.6 million, or 27 cents per share, compared with net income of $19.8 million, or 21 cents per share, in the first quarter of 2006.

Analysts polled by Thomson Financial expected income of 25 cents per share.

Revenue rose 13 percent to $162.5 million from $143.4 million. Analysts expected sales of $159 million.

Interactive Data Chief Executive Stuart Clark said in a statement the company booked higher sales for pricing and reference data and real-time services.

Clark said Interactive Data has been spending to improve its products and customers are responding by renewing subscriptions. (AP)