Nasdaq OMX Posts Record Quarterly Profit
Nasdaq OMX Posts Record Quarterly Profit
Nasdaq OMX Group, the exchange operator that is in the process of trying to acquire rival exchange operator NYSE, released first-quarter results Wednesday, proving that its focus still remains very much on its core business even as the buyout distractions continue. Nasadaq posted per share profit of 61 cents for the three months ended March 31st, its highest profit ever reported, matching the average estimate of analysts in a recent Thomson Reuters survey.
Earlier this month, Nasdaq announced that it had joined forces with IntercontinentalExchange (ICE.N) to put together a bid for NYSE Euronext, which had agreed to be acquired by Dutch Boerse AG back in January. NYSE's board initially rejected Nasdaq/ICE's higher bid, so the firms sweetened the offer on Tuesday with a promise to pay NYSE Euronext $350 million if regulators should block the takeover. The offer is designed to ease the concerns of NYSE board members and draw them to the negotiating table.
Nasdaq's results, meanwhile, show no ill effects from the negotiation process. In addition to its increased profits, Nasdaq's revenue increased in almost all segments, and the firm continues to enjoy tout increases in its data centers. The firm's overall revenue climbed 15 percent in the quarter to $415 million, slightly above the average of $409 million analysts had forecast. The company's overall costs rose 12 percent compared with a year earlier, but the company was able to offset those costs with a 26 percent increase in its trading-based revenue.
Nasdaq OMX Group, the exchange operator that is in the process of trying to acquire rival exchange operator NYSE, released first-quarter results Wednesday, proving that its focus still remains very much on its core business even as the buyout distractions continue. Nasadaq posted per share profit of 61 cents for the three months ended March 31st, its highest profit ever reported, matching the average estimate of analysts in a recent Thomson Reuters survey.
Earlier this month, Nasdaq announced that it had joined forces with IntercontinentalExchange (ICE.N) to put together a bid for NYSE Euronext, which had agreed to be acquired by Dutch Boerse AG back in January. NYSE's board initially rejected Nasdaq/ICE's higher bid, so the firms sweetened the offer on Tuesday with a promise to pay NYSE Euronext $350 million if regulators should block the takeover. The offer is designed to ease the concerns of NYSE board members and draw them to the negotiating table.
Nasdaq's results, meanwhile, show no ill effects from the negotiation process. In addition to its increased profits, Nasdaq's revenue increased in almost all segments, and the firm continues to enjoy tout increases in its data centers. The firm's overall revenue climbed 15 percent in the quarter to $415 million, slightly above the average of $409 million analysts had forecast. The company's overall costs rose 12 percent compared with a year earlier, but the company was able to offset those costs with a 26 percent increase in its trading-based revenue.
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