Cboe Global Markets, Inc.’s CBOE first-quarter 2019 adjusted earnings of $1.11 per share beat the Zacks Consensus Estimate of 99 cents by 12.1%, mainly on the back of lower expenses. However, the bottom line declined 24.3% year over year. The performance was partially offset by weaker revenues.Operational DetailsTotal revenues came in at $281 million, surpassing the Zacks Consensus Estimate by 0.7%. However, the top line was down nearly 14.6% year over year due to soft segmental trading volumes.Average daily volume for Options fell 22% year over year while the revenue per contract or RPC contracted 7% in the first quarter.Although total RPC for U.S. Futures inched up 0.7% year over year, the company’s ADV dropped 37.2% year over year.Total operating expenses decreased 16.7% year over year to $134 million on the back of lower compensation and benefits owing to reduced incentive compensation.Adjusted operating margin for the quarter under review was flat at 66.5%, reflecting improved costs.Financial UpdateAs of Mar 31, 2019, CBOE Global had cash and cash equivalents of $346.2 million, up 25.8% from the figure at 2018 end. Total assets were $5.3 billion in the first quarter, rising 0.2% from the level at 2018 end.At the end of the first quarter, long-term debt of the company stands at $916 million, up 0.1% year over year.Total shareholders’ equity was $3.2 billion at the end of the reported quarter, up 1.4% compared with Dec 31, 2018’s value.Share Repurchase and Dividend UpdateThe company paid cash dividends worth $34.8 million or 31 cents per share in the first quarter.For the first three months of 2019, the company bought back shares worth $35 million. As of Mar 31, 2019, the company has around $171.1 million left under its current share repurchase authorization.Fiscal 2019 Outlook Adjusted operating expenses are now expected between $415 million and $423 million, down from the earlier guidance of $420-$428 million.Depreciation and amortization expenses are still anticipated between $35 million and $40 million excluding the amortization of acquired intangible assets of $138 million.Capital expenditures are now projected in the $50-$55 million band.The effective tax rate on adjusted earnings for 2019 is likely to be within 27-29%.Zacks Rank and Performance of Other PlayersCboe Global has a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Among other players from the same space, which already reported first-quarter earnings so far, the bottom-line figures of CME Group Inc. CME, Nasdaq, Inc. NDAQ and Intercontinental Exchange, Inc. ICE beat the respective Zacks Consensus Estimate.Will you retire a millionaire?One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”Click to get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cboe Global Markets, Inc. (CBOE): Free Stock Analysis Report Intercontinental Exchange Inc. (ICE): Free Stock Analysis Report Nasdaq, Inc. (NDAQ): Free Stock Analysis Report CME Group Inc. (CME): Free Stock Analysis Report To read this article on Zacks.com click here.