Nasdaq beats estimates on non-trading business strength; CFO to retire
Reuters
Published Oct 21, 2020 07:16AM ET
Updated Oct 21, 2020 08:10AM ET
(Reuters) - Nasdaq Inc (O:NDAQ) beat Wall Street estimates for third-quarter profit on Wednesday, boosted by strength in the transatlantic exchange operator's non-trading businesses and a surge in trading volumes.
Separately, the company said its Chief Financial Officer Michael Ptasznik will retire effective February 28 and named Ann Dennison to the role. Dennison is currently the company's senior vice president, controller and chief accounting officer.
For the third quarter, Nasdaq reported an adjusted profit of $1.53 per share, compared to estimates of $1.46 per share, according to IBES data from Refinitiv.
Net income attributable to the company rose to $264 million, or $1.58 per share, for the quarter ended Sept. 30, from $150 million, or 90 cents per share, a year earlier.
Revenue from information services, Nasdaq's biggest non-trading business, rose 20% to $238 million.
Higher trading volumes helped boost the company's market services unit, its biggest business. Revenue in the segment jumped about 39% to $958 million.
Excluding transaction-based expenses, revenue rose 13% to $715 million, above Refinitiv IBES estimates of $690.92 million.
(This story adds dollar symbol in paragraph 3.)
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Written By: Reuters
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