May 2 (Reuters) - Intercontinental Exchange (ICE.N), opens new tab reported first-quarter revenue slightly below estimates on Thursday as an uneven recovery in U.S. initial public offerings cut into the upswing from record trading activity. Revenue from IPOs fell 4% to $122 million in the first quarter. Analysts on average had expected a smaller decline of about 2.33% according to LSEG data.
Overall revenue of $2.29 billion came in a touch below Wall Street expectations of $2.31 billion, while adjusted earnings per share of $1.48 were in-line with estimates.
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