By Nasdaq, the exchange operator, has reported better-than-expected adjusted earnings and stronger operating revenue for the second quarter. The company posted a profit of $267 million, or 54 cents per share, compared to $307 million, or 62 cents per share, in the same quarter last year.
After removing one-time items from the equation, adjusted earnings stood at 71 cents per share, surpassing the consensus estimate of 66 cents per share determined by FactSet. However, total revenue for the quarter decreased to $1.43 billion from $1.55 billion in the year-ago quarter.
Excluding transaction-based expenses, quarterly revenue reached $925 million, up from $893 million last year and beating analyst forecasts of $915 million. Nasdaq’s solutions businesses witnessed a 6% growth in organic revenue, although trading services revenue declined slightly due to flat organic growth and unfavorable changes in foreign exchange rates.
Operating expenses rose by 13% during the quarter, primarily driven by costs related to the acquisition of financial software company Adenza, as well as higher restructuring and employee compensation costs.
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