Nasdaq beats profit estimates on trading strength

Exchange operator Nasdaq beats profit estimates on trading strength

The company posted an adjusted net income of $1.60 per share for the fourth quarter ended Dec 31

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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 per cent to $291 million from a year earlier.

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

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