Nasdaq profit tops estimates on robust demand for investment products
20 Apr 2022
NASDAQ 100 is trading up 2.15% at 14210.26
Nasdaq Inc topped Wall Street estimates for first-quarter profit on Wednesday, driven by robust demand for its investment-related products that offset a lull in initial public offerings.
The stock exchange operator has looked to increasingly diversify its offerings and reposition itself as a leading financial technology company with an expanding footprint in the software sector, offering analytics, data and cloud services.
The U.S. IPO market was battered in the quarter with investor sentiment weighed down by concerns over the Ukraine-Russia conflict, a hawkish stance from the Federal Reserve and weakness in high growth technology stocks.
The transatlantic exchange operator’s Nasdaq stock market hosted 70 IPOs in the quarter, including the biggest market debut this year of private equity firm TPG, compared with the 275 stock market flotations, a year earlier.
Nasdaq’s average daily trading volumes in the United States also dropped, as uncertain macroeconomic conditions persisted. Nasdaq is also seeking regulatory and shareholder approvals for a 3-for-1 stock split which it expects to complete in the third quarter.
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