Nasdaq Reports Profit Exceeding Forecasts After Cost Cutting
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Nasdaq OMX Group Inc., the second-largest U.S. equity exchange, reported fourth-quarter earnings that beat analysts’ estimates after the company cut costs amid a decline in stock-market trading.
Profit in the three months ended Dec. 31 jumped to $85 million, or 50 cents a share, from $82 million, or 45 cents, in the fourth quarter of 2011. Excluding some costs, New York-based Nasdaq OMX said it earned 64 cents a share, more than the 61-cent average estimate of analysts surveyed by Bloomberg. The stock gained 1.3 percent to $28.32 in New York today, the highest level since April 2011.