This was a challenging quarter, commented Morningstar Chairman and CEO Joe Mansueto. Still, we believe we responded effectively to the overall market conditions and global economic weakness [with] several cost-savings measures, including a reduction in bonus expense, along with reductions in advertising and marketing.
On the not-so-bright side, the Global Analyst Research Settlement is expiring in July, and we expect our post-settlement equity research revenue to be significantly lower beginning in the second half of the year, Mansueto said.