Nasdaq Inventory Tumbles on Decline in Index Income

Nasdaq
(ticker: NDAQ), which owns the second-largest U.S. inventory trade, additionally posted fourth-quarter adjusted earnings of 64 cents a share, whereas Wall Avenue had anticipated 65 cents, in keeping with FactSet. 

“In our Index enterprise, we noticed income decreased by 11% vs. the prior-year interval, primarily resulting from decrease common AUM and exchange-traded merchandise linked to Nasdaq indices, partially offset by increased revenues associated to futures buying and selling linked to the Nasdaq-100 Index,” CEO Adena Friedman mentioned on a convention name with analysts.

Shares of Nasdaq had been falling 7.8% on Wednesday. The inventory’s largest proportion decline was March 23, 2020, when it fell 9.5%, in keeping with Dow Jones Market Information. It had declined as a lot as 9.6% earlier within the session.

Regardless of the income decline, administration was upbeat concerning the future.

“We delivered one other 12 months of robust progress towards an unsure macroeconomic backdrop, illustrating the energy of our diversified enterprise and our capability to ship on our longer-term targets. As we glance to 2023, our new company construction positions us to ship better liquidity, transparency, and integrity options to our purchasers all through the monetary system,” Friedman mentioned in a press launch.

Write to Emily Dattilo at [email protected]