* Q1 revenue $929.30 mln vs est. $932.17 mln
* Shares fall 4 pct (Adds analyst, CFO comments and share move)
April 27 (Reuters) - CME Group Inc, the world's largest futures market operator, reported quarterly revenue that just missed estimates, hurt by its market data business, sending its shares down as much as 4 percent.
Late last year, the company had changed the pricing of its data services, which help investors make trading decisions and minimize risk.
"The higher pricing of the market data services pulled down the revenue and shareholders think that it will go down further in subsequent quarters," Argus Research analyst Stephen Biggar said.
CME Chief Financial Officer John Pietrowicz said the company's market data revenue declined due to reduced demand from several large customers.
Market data and information services revenue fell 5.5 percent to $96.8 million in the first quarter ended March 31, accounting for 10.4 percent of CME's total revenue.
The futures exchange giant's total revenue fell marginally to $929.3 million, missing the average analyst estimate of $932.17 million.
However, the company's net income rose 8.7 percent to $399.8 million, or $1.18 per share.
On an adjusted basis, CME earned $1.22 per share, 2 cents above analysts' estimate, according to Thomson Reuters I/B/E/S.
The company, which owns the Chicago Board of Trade and other futures exchanges, said its average daily trading volume rose 1 percent to 17.1 million contracts.
Earlier this month, CME said it would close two operations in London by this year end after they ran up losses of more than $100 million as customers preferred using its U.S. operations.
The bourse's shares were down $4.64 at $115.40 in late morning trade. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)