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Global financial markets were ravaged by the rapid spread of the
pandemic in the first quarter. But the market volatility
benefited exchange operators such as Nasdaq, which make most of
their money from clearing and settling trades.
The company's adjusted net income rose to $251 million, or $1.50
per share, in the first quarter ended March 31, from $204
million, or $1.22 per share, a year earlier.
Revenue at it market services unit - the biggest business -
jumped 21%, boosted by "historic" trading volumes, mainly in the
second half of the first quarter.
The unit oversees transactions, clearing and settlements.
Nasdaq's non-trading businesses, which provide a broad range of
news and information used by traders, reported a 7% rise in
revenue.
Since taking the helm of the company in 2017, chief executive
officer Adena Friedman has expanded Nasdaq's focus beyond
traditional exchange functions to higher-growth opportunities in
technology and analytics, and sold off less-profitable units.
Overall net revenue rose 11% to $701 million during the quarter.
Nasdaq also said it refinanced certain bonds to lower interest
costs and eliminated near-term bond maturities, as well as
boosted liquidity by drawing from its existing revolving credit
facility to ensure short-term funding needs were insulated from
volatile money markets.
(Reporting by Noor Zainab Hussain; Additional reporting by
Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli)
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