Nasdaq posts higher-than-expected quarterly profit


Exchange operator Nasdaq Inc reported a better-than-expected quarterly profit, helped by a jump in revenue in its market services business that oversees transactions, clearing and settlement services.

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The company's net income rose to $147 million, or 87 cents per share, in the second quarter ended June 30 from $70 million, or 42 cents per share, a year earlier.

Excluding one-time items, Nasdaq earned $1.02 per share, beating the average analyst estimate of 96 cents, according to Thomson Reuters I/B/E/S.

Revenue from market services, the company's biggest business, rose 16.5 percent to $620 million.

The company's results were also helped by its focus on growing its information services and market technology businesses.

Nasdaq recently offered to buy Sybenetix, a London-based startup that uses artificial intelligence to help compliance officers at asset management firms analyze the behavior of their traders in order to prevent market abuse.

The company's revenue from information services unit rose 7.5 percent to $144 million, while revenue from its market technology unit was up 4.3 percent at $72 million.

Revenue, excluding transaction-based expenses, rose 7.7 percent to $602 million, while operating expenses fell 7 percent to $358 million. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar and Anil D'Silva)

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