On Wednesday, the NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) reported its first quarter earnings and saw its?profit exceed analysts? estimates thanks to a rise in information services and technology revenues.?
Earnings excluding some items rose to 64 cents per share in the quarter, up from 61 cents from the previous year. This exceeded analysts’ 62 cent-estimate, reported Bloomberg.?
Net income for the first quarter dropped to $42 million (25 cents per share); this compares to the previous year’s $85 million (48 cents per share).
In the company’s press release, it noted a previously SEC-approved program that will widen the available pool to compensate NASDAQ Stock Market members for their qualified losses that came?from system issues during the May 18, 2012 Facebook IPO.?
The SEC’s Division of Enforcement is currently conducting an investigation relating to the system issues. While they haven’t reached a conclusion yet, NASDAQ OMX could pay $10 million from the matter’s resolution.?
Bob Greifeld, CEO, NASDAQ OMX, said of the exchange’s quarterly results in the press release, “The successful execution of our strategy has delivered solid first quarter results. While the volume environment remained challenging, our portfolio of corporate, trading, technology, and information businesses continue to deliver consistent revenue and earnings performance. We remain focused on helping our clients manage the growing complexity and connectivity, which is required to optimize today’s global business environment, by delivering products and services that enhance efficiency and productivity in the environments in which they operate.”
Greifeld?added, “Looking forward in 2013, while we are confident that a recovering economy and increasing investor confidence will eventually lead to stronger tailwinds for our businesses, our diverse client base of investors, financial institutions, exchanges, and regulators, and public and private companies, are not waiting idly by, and are actively looking for solutions that deliver a more effective means of interacting with the capital markets. As such, we continue to dedicate significant resources towards both organic initiatives, in particular our growing GIFT program, as well as strategic acquisitions, to enhance the options and opportunities inherent in our global offering.”