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Nasdaq profit tops Wall Street expectations as software services rise, announces stock split
By Arghyadeep Dutta - Jul 20, 2022, 03:31 PM ET
Last Updated - Mar 12, 2024, 09:44 AM EDT
Nasdaq Inc (NASDAQ: NDAQ) on Wednesday reported better-than-expected quarterly profits as traders turned to the exchange operator’s investment-related products to steer through market volatility
Nasdaq Inc (NASDAQ: NDAQ) on Wednesday reported better-than-expected quarterly profits as traders turned to the exchange operator’s investment-related products to steer through market volatility.
The exchange also announced a 3-for-1 stock split in the form of a stock dividend and a regular quarterly dividend of $0.20 per share.
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Shares of New York-based Nasdaq jumped more than 6% shortly after the market opened, their highest since April 22.
After deducting one-time items, including a gain from the divestiture of the company’s fixed income business from last year’s quarter, Nasdaq earned $2.07 per share, well above analysts’ average estimate of $1.91 per share.
Net revenue jumped 6% to $893 million, primarily driven by a 10% increase in the revenue from the solutions segment, which includes indexing and analytics, anti-financial crime technology and environmental, social, and governance (ESG) advisory products.
Under the leadership of Adena Friedman, Nasdaq CEO, the stock exchange operator has looked to diversify its offerings and reposition itself as a leading financial tech company with an expanding footprint in the software sector, offering analytics, data and cloud services.
“Nasdaq’s robust second-quarter results and continued top-line growth demonstrate the importance of our diverse and distinctive offerings to our clients, even during challenging market environments,” Friedman said in a statement.
The Nasdaq stock market hosted 38 IPOs in the quarter, compared with 135 stock market listings a year earlier.
Picture Credit: Bloomberg
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