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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.
The company said it returned $556 million to shareholders in the
quarter, including $467 million through share repurchases of its
common stock.
Nasdaq is also seeking regulatory and shareholder approvals for
a 3-for-1 stock split which it expects to complete in the third
quarter.
In line with other financial companies who have felt the pinch
of inflationary pressures, Nasdaq reported a 9% increase in
adjusted operating expenses, reflecting costs tied to higher
compensation and benefits for employees.
Revenue at the firm's solutions segment, which also houses its
anti-financial crime technology and environmental, social, and
governance advisory products, surged 15% to $576 million.
Excluding one-time items, Nasdaq earned $1.97 per share, above
analysts' average estimate of $1.95 per share, according to IBES
data from Refinitiv.
Net revenue in the quarter rose 5% to $892 million.
(Reporting by Manya Saini in Bengaluru and John McCrank in New
York; Editing by Vinay Dwivedi)
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