Q3 2024 Nasdaq Inc Earnings Call Transcript
Key Points
- Nasdaq Inc (NDAQ) reported a strong quarter with 10% year-over-year growth in both net revenues and solutions revenue.
- The company achieved its fourth consecutive quarter of double-digit solutions growth.
- Nasdaq Inc (NDAQ) successfully integrated AxiomSL and Calypso, achieving over 80% of its net expense synergies target.
- The Financial Technology division saw ARR growth of 14%, with significant contributions from financial crime management technology and market technology.
- Nasdaq Inc (NDAQ) experienced a record third quarter in Market Services with 13% revenue growth, driven by higher volumes in US and European cash equities and options.
- Listings revenue declined due to lower listings activity and prior-year delistings.
- The financial client management technology growth was below the medium-term outlook due to timing of deliveries and professional services variability.
- Professional services fees in the Capital Market Technology division declined, impacting revenue growth.
- The IPO market remains subdued, with expectations for more momentum not until Q2 2025 and beyond.
- The SEC's tick size rule could potentially impact market dynamics, with concerns about incentivizing lit orders.
Good day, and thank you for standing by. Welcome to Nasdaq third-quarter 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the call over to your first speaker to Ato Garrett, Senior Vice President, Investor Relations at Nasdaq. Please go ahead.
Good morning, everyone, and thank you for joining us today to discuss Nasdaq's third-quarter 2024 financial results. On the line are Adena Friedman, our Chair and Chief Executive Officer; Sarah Youngwood, our Chief Financial Officer; and other members of the management team. After prepared remarks, we will open the line for Q&A. The press release and earnings presentation accompanying this call can be found on our Investor Relations website.
I would like to remind you that we will be making forward-looking statements on this call that involve risks. A summary of these risks is contained in our press release and a more complete description in our annual report on
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