Nasdaq posts higher fourth-quarter profit on strength in fintech solutions

Nextpower

31/01/2024 12:00

Jan 31 (Reuters) - Exchange operator Nasdaq  NDAQ.O 
reported fourth-quarter profit that rose 24.6% on Wednesday, on
the back of strong performance in its solutions business. 
    The company has been expanding beyond market-sensitive
businesses like trading to become a full-scale data and
analytics provider.
    It saw robust demand for its solutions business in the
quarter, revenue for which rose 32.3%, to $860 million, compared
to a year earlier.
    The solutions business was helped by a revenue rise in its
financial technology business, which jumped to $399 million,
from $231 million a year ago.  
    This helped the exchange post an adjusted profit of $395
million, or 72 cents per share, compared to $317 million, or 64
cents per share, in the fourth quarter of the previous year. 
    The U.S. IPO market has been in the doldrums for over two
years because of geopolitical pressures and the Federal
Reserve's aggressive rate hikes to rope in inflation. 
    With analysts now seeing green shoots in the IPO market with
hopes of a soft landing for the U.S. economy, Nasdaq's total
listings were up to 28 in the fourth quarter, from 18 a year
ago, translating to a 3.8% rise in the exchange's data and
listing services revenue.
    Nasdaq closed 2023 with Softbank-backed Arm  ARM.O , solar
firm Nextracker  NXT.O  and grocery delivery app Instacart
 CART.O  as its biggest listings.

 (Reporting by Pritam Biswas in Bengaluru; Editing by Pooja
Desai)
 ((Pritam.Biswas@thomsonreuters.com;))