CME Group (NASDAQ:CME) shares moved higher after it reported a year-over-year increase in profits for the third quarter as investors turned to its products to hedge against market volatility.
The company, which operates a global derivatives marketplace, posted adjusted earnings per share of $2.25, up from $1.98 in the year-ago quarter and ahead of estimates of $2.21.
Revenue, however, fell short of expectations of $1.34 billion, coming in at $1.3 billion.
CME Group (NASDAQ:CME) CEO Terry Duffy attributed the company’s strong quarterly performance to a 6% increase in interest rate volumes, driven in part by an 18% rise in Treasury futures average daily volume, and growth across its agricultural, energy and options products.
“CME Group delivered its ninth consecutive quarter of double-digit growth in adjusted earnings per share and a 9% increase in revenue as market participants continued turning to our markets to mitigate their business risks amid accelerating geopolitical uncertainty," Duffy said.
CME Group shares had added 0.5% at US215.40 at noon on Wednesday.
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