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Nasdaq profit tops Wall Street estimates on non-trading units strength

Published 29/01/2020, 12:40
© Reuters.  Nasdaq profit tops Wall Street estimates on non-trading units strength
NDAQ
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(Reuters) - U.S. exchange operator Nasdaq Inc's (O:NDAQ) quarterly profit topped Wall Street estimates on Wednesday, led by strength in its non-trading businesses, including information services and market technology.

Exchange operators have been expanding beyond their core trading business to focus on high-growth segments including market technology and information services that help traders make investment decisions.

Nasdaq's newer non-trading businesses also provide technology and analytics services to other companies including cryptocurrency marketplaces.

Revenue from information services, Nasdaq's biggest non-trading business, rose 3.7% to $194 million (£149 million).

Market technology unit's revenue jumped nearly 29% to $98 million.

Revenue from market services, the exchange operator's biggest business, fell 9.6% to $225 million as the market remained relatively stable compared to a year earlier.

Nasdaq's adjusted net income rose to $215 million in the fourth quarter ended Dec. 31, from $207 million, a year earlier.

Excluding items, the company earned $1.29 per share, managing to beat analysts' average estimate of $1.27, according to IBES data from Refinitiv.

Revenue, excluding transaction-based expenses, rose marginally to $646 million.

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