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Nasdaq profit beats estimates as fintech sales soar
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Nasdaq profit beats estimates as fintech sales soar
Jul 25, 2024 4:36 AM

(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.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shinjini Ganguli and Saumyadeb Chakrabarty)

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