Nasdaq reported a higher first-quarter profit on Thursday, as demand for the exchange operator’s financial technology and solutions products remained robust.
To diversify its revenue streams, the company has been expanding outside its market-sensitive core activities of trading and listing to products that help financial institutions navigate compliance requirements and safeguard against financial crimes.
With markets remaining volatile in the first quarter amid economic uncertainty and the trade war between the United States and China, companies have been spending on products that help safeguard them from market ups and downs.
S&P 500, Nasdaq advance after selloff; UnitedHealth plunges
Revenue from Nasdaq’s financial technology business climbed 10% from a year ago to $432 million, while revenue at the company’s solutions business rose nearly 9% to $947 million.
Net profit attributable to the company on an adjusted basis came in at $456 million, or 79 cents per share, in the first quarter ended March 31, compared with $367 million, or 63 cents per share, a year earlier.
Comments