Nasdaq Inc

NDAQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$25.00	Ksfkqn	Pgsfcnzm

Nasdaq Earnings: Revenue Growth Recovers as More Favorable Market Valuations Support Index Revenue

Michael Miller

Oct 18, 2023

Narrow-moat-rated Nasdaq reported solid third-quarter earnings as strong antifinancial crime and index revenue growth was partially offset by a decrease in trading revenue. Net revenue increased 5.6% from last year and 1.6% from last quarter to $940 million. Meanwhile, a higher effective tax rate and an increase in nonoperating costs left earnings per share flat at $0.60. As we incorporate these results, we do not plan to materially alter our $55 per share fair value estimate and see the shares as fairly valued at current prices.

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