Nasdaq posts higher-than-expected quarterly profit
Exchange operator Nasdaq Inc reported a better-than-expected quarterly profit, helped by a jump in revenue in its market services business that oversees transactions, clearing and settlement services.
The company`s net income rose to $147 million, or 87 cents per share, in the second quarter ended June 30 from $70 million, or 42 cents per share, a year earlier.
Excluding one-time items, Nasdaq earned $1.02 per share, beating the average analyst estimate of 96 cents, according to Thomson Reuters I/B/E/S.
Revenue from market services, the company`s biggest business, rose 16.5 percent to $620 million.
The company`s results were also helped by its focus on growing its information services and market technology businesses.
Nasdaq recently offered to buy Sybenetix, a London-based startup that uses artificial intelligence to help compliance officers at asset management firms analyze the behavior of their traders in order to prevent market abuse.
The company`s revenue from information services unit rose 7.5 percent to $144 million, while revenue from its market technology unit was up 4.3 percent at $72 million.
Revenue, excluding transaction-based expenses, rose 7.7 percent to $602 million, while operating expenses fell 7 percent to $358 million.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)