Nasdaq misses quarterly profit estimates as subdued IPO market, expenses weigh
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
EXCHANGE operator Nasdaq Inc missed Wall Street estimates for fourth-quarter profit on Wednesday (Jan 25), hit by a slowdown in initial public offerings and higher business expenses.
The US market for initial public offerings (IPOs) has been ravaged over the past year, as investor sentiment suffered from concerns around a looming recession, rising interest rates and stock volatility.
The Nasdaq stock exchange hosted only 18 IPOs in the fourth quarter, compared with 195 a year earlier.
Operating expenses in the quarter rose nearly 3 per cent to US$557 million from a year earlier, as the company spent more on employees and business-related expenses.
Excluding one-time items, Nasdaq earned 64 US cents per share, missing analysts’ average estimate of 65 US cents per share, according to Refinitiv data.
Net revenue, excluding transaction-based expenses in the fourth quarter, increased 2 per cent from a year earlier to US$906 million.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The company said it repurchased US$633 million in shares of its common stock last year. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
