Nasdaq profit beats estimates as fintech sales soar
2024.07.25 07:12
(Reuters) – Nasdaq beat estimates for second-quarter profit on Thursday, driven mainly by strong demand for its products that help traders navigate compliance requirements and safeguard against financial crimes.
To create a more steady and sustainable source of revenue, the transatlantic exchange operator has expanded beyond trading and listings and bolstered its financial technology unit.
Revenue from the unit soared nearly 79% to $420 million in the second quarter, while revenue from its index business jumped 29% to $167 million.
Net revenue jumped 25% to $1.16 billion. Analysts on average had expected $1.13 billion, according to LSEG data.
The company’s adjusted profit of 69 cents per share also beat analysts’ expectations of 64 cents.
A resilient economy has also prompted a surge in new listings on U.S. exchanges after a slowdown that lasted nearly two years.
A total of 84 companies listed its shares on the exchange in the second quarter ended June 30 compared with 62 from a year ago.
U.S. equity matched shares volumes jumped to 119.3 billion in the second quarter from 113.7 billion a year earlier. U.S. equity options volumes also rose to 42.1 million contracts from 39.2 million contracts.
