Nasdaq Inc

NDAQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$14.00	Hfdhs	Kdzqfnrd

Nasdaq Earnings: Revenue Growth Remains Slow but Stronger Market Conditions Improve Future Prospects

Michael Miller

Jul 19, 2023

Narrow moat-rated Nasdaq reported second-quarter results that were in line with our expectations, as trading revenue and listing income acted as headwinds to growth while the company's anti-financial-crime segment saw continued momentum. Net revenue increased 3.6% from last year and 1.2% from last quarter to $925 million. Meanwhile, earnings per share fell to $0.54 from $0.62 last year, with the decline primarily driven by $57 million in merger and restructuring charges. As we incorporate these results, we do not plan to materially alter our $55 fair value estimate. We see the shares as roughly fairly valued at the current price.

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