Nasdaq Q2 Highlights: Tops Street Estimates, 4% Revenue Growth & More

Nasdaq, Inc. NDAQ reported a Q2 revenue increase of 4% Y/Y to $925 million, beating the consensus of $914.9 million.

Solutions businesses revenues were $674 million in Q2, an increase of 6%, while Trading Services net revenues were $250 million, down by 1%. 

Annualized Recurring Revenue (ARR) increased 6% Y/Y, while annualized SaaS revenues rose 11% Y/Y in the quarter.

Adjusted operating expenses rose 7% Y/Y, while adjusted operating margin contracted to 52% from 54% a year ago.

Adjusted net income stood at $350 million, up from $342 million a year ago. 

Adjusted EPS of $0.71 per share, up 3% Y/Y, beat the Street view of $0.66

Dividend: NDAQ declared a regular quarterly dividend per share of $0.22, payable on September 29, 2023, to shareholders of record as on September 15, 2023.

Last month, Nasdaq disclosed an agreement to acquire Adenza from Thoma Bravo for $10.5 billion in cash and common shares.

"Nasdaq achieved another quarter of solid financial results in an uncertain environment as we took a significant step to expand our ability to serve our financial clients in solving their most complex operational challenges. Our planned acquisition of Adenza represents another critical step in our multi-year transformation to become a leading technology partner to the financial system, with a specific focus on managing liquidity and capital risk, reducing financial crime, and meeting regulatory obligations," said Adena Friedman, Chair and CEO.

RelatedNasdaq Raises Fund Via Debt Offerings To Fund Adenza Buyout

Outlook: The company updated its 2023 non-GAAP operating expense guidance to $1.785 billion-$1.815 billion (vs. the prior outlook of $1.78 billion - $1.84 billion). Nasdaq continues to expect a 2023 non-GAAP tax rate of 24% - 26%.

Also ReadNasdaq Partners With B3, Builds Clearing Platform For Brazilian Stock Exchange

Price Action: NDAQ shares are trading higher by 0.84% at $51.81 premarket on the last check Wednesday.

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