S&P Global Shares Drop Premarket Following Q2 Miss

S&P Global Inc SPGI reported second-quarter FY22 revenue growth of 42% year-on-year to $2.99 billion, missing the consensus of $3.01 billion.
Market Intelligence revenue increased 91% Y/Y to $1.03 billion, primarily driven by the inclusion of IHS Markit revenue.
Ratings revenue decreased 26% Y/Y to $796 million.
Commodity Insights revenue increased 74% Y/Y to $438 million.
Mobility revenue was $337 million. Engineering Solutions' revenue was $96 million.
Majority-owned subsidiary S&P Dow Jones Indices revenue increased 22% Y/Y to $339 million.
Adjusted EPS of $2.81 missed the consensus of $2.95.
Adjusted operating margin decreased 280 bps to 47.2%, primarily due to a decline in the Ratings transaction revenue.
S&P Global held $3.6 billion in cash and equivalents.
Outlook: S&P Global sees FY22 Adjusted EPS of $11.35 - $11.55, below the consensus of $12.24.
The company expects 2022 reported revenue to increase more than 30%.
Price Action: SPGI shares traded lower by 2.95% at $365.00 in the premarket on the last check Tuesday.
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