Revenue from the company’s fintech business jumped almost 56 per cent in the third quarter, while its solutions business revenue increased 31 per cent to $906 million on an adjusted basis
Nasdaq reported a rise in third-quarter profit on Thursday, helped by strong demand in its solutions business that houses the exchange operator’s financial technology (fintech) products.
Revenue from the company’s fintech business jumped almost 56 per cent in the third quarter, while its solutions business revenue increased 31 per cent to $906 million on an adjusted basis.
As financial institutions continue to operate in a dynamic environment, we see consistent demand for our mission critical technologies, said Adena Friedman, chief executive officer, at Nasdaq on an analysts’ call.
Against this economic backdrop, Nasdaq remains well positioned to deliver sustainable and durable growth across our diversified platforms, Friedman said.
To generate steady revenue growth, Nasdaq has been branching out from its market-sensitive core operations of trading and listing to products that help traders and investors navigate the capital markets.
Net revenue rose 22 per cent from last year to $1.15 billion in the third quarter.
The company’s shares, which have advanced almost 27 per cent so far this year, dropped 1.4 per cent in early trading.
Hopes of interest rate cuts, the first of which came late in September, and a “soft landing” for the economy, where inflation drops without a recession or big job losses, spurred companies to try their luck with fresh listings in the third quarter of 2024.
Nasdaq’s total listings rose to 138 in the third quarter from 87 a year earlier, resulting in a 1 per cent rise in the company’s data and listing services revenue.
Big names such as KKR-backed financial software maker OneStream and cold storage REIT Lineage debuted on Nasdaq during the reported quarter.
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