FactSet (NYSE:FDS) reported its Q1 results, with EPS of $3.99 coming in better than the Street estimate of $3.62. Revenue was $504.8 million, missing the Street estimate of $510.54 million.

The results were solid with a big margin beat, but the tone was more cautious with management indicating that they are starting to see a more challenging environment for their clients and are closely watching for signs of "reduced client budgets, elongated sales cycles, material layoffs, and a reduction in new firm creation".

The company reiterated its fiscal 2023 EPS estimate in the range of $14.50-$14.90, compared to the Street estimate of $14.79, and revenue in the range of $2.1-2.115 billion, compared to the Street estimate of $2.1 billion.