Nasdaq Reports First Quarter Financials

Nasdaq’s net income in the first quarter rose to $177 million, or $1.05 per share, from $168 million, or 99 cents per share, a year earlier, helped by a volatility-driven spike in trading volumes. Stripping out special items, such as merger and acquisitions costs, the transatlantic exchange operator earned $1.24 per share, topping analysts’ average estimates by four cents, according to Thomson Reuters I/B/E/S. Volatility spiked in February after a prolonged calm in 2017, roiling global equities, bonds, currencies and commodities markets, and remained elevated through the end of March. Revenue rose 14.6 percent to $666 million. Revenue from market services, the company’s largest business, jumped more than 21 percent to $735 million. Sales from Nasdaq’s non-trading related businesses also grew, with revenue from its market technology unit rising 7.7 percent to $70 million, and revenue from information services up 26 percent at $174 million. Corporate services, which includes market listings, rose 7.5 percent to $172 million, as Nasdaq saw 37 IPOs in the quarter.