Nasdaq profit beats estimates on strength in data services
Compares with estimates, adds segment revenue
Oct 23 (Reuters) - U.S. exchange operator Nasdaq Inc NDAQ.O beat Wall Street estimates for third-quarter profit on Wednesday, boosted by higher revenue in its units that provide news and other information to traders.
Exchange operators have been trying to expand beyond their core trading business into high-growth segments such as information services which help traders make investment decisions, and trade in stocks and other exchange-traded products.
Revenue from information services, its biggest non-trading business, jumped 10.6% to $198 million in the quarter, and that from market technology surged 23.5% to $84 million.
Net income attributable to Nasdaq fell to $150 million, or 90 cents per share, in the quarter ended Sept. 30, from $163 million, or 97 cents per share, a year earlier.
Nasdaq said it incurred a pre-tax restructuring charge of $30 million in the quarter, and expects to take another $35 million to $45 million in charges over a two-year period.
Revenue, excluding transaction-based expenses, rose 5.3% to $632 million.
Not including one-time items such as restructuring costs, Nasdaq earned $1.27 per share, exceeding analysts' average estimate of $1.21, according to IBES data from Refinitiv.
(Reporting by Abhishek Manikandan in Bengaluru; Editing by Shinjini Ganguli)
((Abhishek.Manikandan@thomsonreuters.com; within the U.S. +1 646 223 8780, outside the U.S. +91 80 6749 2963;))
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