Nasdaq's profit soars by 70%
By Jonathan Spicer |
April 21, 2011, Thursday
|
Print Edition
Print Edition
NASDAQ OMX Group's quarterly profit rose 70 percent as the exchange operator battling to buy out crosstown rival NYSE was helped by robust European and derivatives trading.
Excluding one-time items, the profit was 61 US cents per share, matching the average analyst estimate compiled by Thomson Reuters I/B/E/S.
Revenue rose 15 percent to US$415 million, better than the US$409 million analysts expected. Costs rose 12 percent from last year, offset by a 26 percent rise in trading-based revenue.
Nasdaq this month joined with IntercontinentalExchange to bid for Big Board parent NYSE Euronext, which earlier this year agreed to be acquired by Germany's Deutsche Boerse AG.
Though NYSE's board rejected the higher offer from Nasdaq and ICE, the pair sweetened the bid on Tuesday with a promise to pay NYSE Euronext US$350 million if regulators block their takeover plan - a move meant to ease the board's antitrust worries, and to draw them to the negotiating table.
The United States-based company earned US$104 million, or 57 US cents per share in the first quarter, up 70 percent from US$61 million, or 28 US cents, a year ago.
It expects between US$895 million and US$915 million in operating expenses in 2011, in line with most analysts' projections.
Excluding one-time items, the profit was 61 US cents per share, matching the average analyst estimate compiled by Thomson Reuters I/B/E/S.
Revenue rose 15 percent to US$415 million, better than the US$409 million analysts expected. Costs rose 12 percent from last year, offset by a 26 percent rise in trading-based revenue.
Nasdaq this month joined with IntercontinentalExchange to bid for Big Board parent NYSE Euronext, which earlier this year agreed to be acquired by Germany's Deutsche Boerse AG.
Though NYSE's board rejected the higher offer from Nasdaq and ICE, the pair sweetened the bid on Tuesday with a promise to pay NYSE Euronext US$350 million if regulators block their takeover plan - a move meant to ease the board's antitrust worries, and to draw them to the negotiating table.
The United States-based company earned US$104 million, or 57 US cents per share in the first quarter, up 70 percent from US$61 million, or 28 US cents, a year ago.
It expects between US$895 million and US$915 million in operating expenses in 2011, in line with most analysts' projections.
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