Nasdaq, the exchange operator, posted a net profit of $246m, or $1.45 per share, in the fourth quarter compared with a loss in the year ago period, with double digit revenue growth in some of its non-trading businesses.
On an adjusted basis, stripping out one-time items, Nasdaq earned $1.05 a share ahead of Wall Street expectations for $1 a share.
Net revenue in the quarter rose 6 per cent to $635m, versus the year ago period with the group’s non-trading related businesses, such as information services and selling market technology, growing at a faster rate than trading-related businesses.
While best known as a tech-heavy bourse, Nasdaq over time has shifted into non-trading businesses. Chief Executive Adena Friedman, who took over last year, has stepped up the charge and is focusing the business further on data, technology and analytics businesses.
Earlier this week, Nasdaq announced the sale of public relations and digital media businesses.
As companies throughout the US make adjustments related to the tax reform package passed in late 2017, Nasdaq said it recorded a decrease in tax expense of $87m in the quarter related to the remeasurement of deferred tax liability at the lower US federal corporate income tax rate.
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