Exchange operator Nasdaq Inc reported a better-than-expected quarterly profit on Wednesday, benefiting from a surge in trading volumes as the COVID-19 pandemic caused market volatility.

The company posted an adjusted net income of $1.60 per share for the fourth quarter ended Dec. 31, compared with analysts' average estimate of a $1.45 per share profit, according to IBES data from Refinitiv.

Revenue from Nasdaq's market services unit, its biggest business, jumped 29% to $291 million from a year earlier.

The investment intelligence segment, the company's biggest non-trading business, also posted a 27% growth in revenue to $247 million.

Excluding transaction-based expenses, net revenue surged 22% to $788 million.