Nasdaq has published its financial results for its second quarter of 2019, revealing an uptick in net revenues which was primarily driven by growth from the non-trading businesses.
During the second quarter, net revenues were $623 million. This is higher by $8 million or 1.3 per cent from $615 million in the same quarter of 2018. However, it is lower than the $634 million net revenues reported in the .
This figure was driven by a 4 per cent impact from organic growth, as well as the inclusion of revenues for the and QuandI.
However, net revenues were also partially offset by a $10 million unfavourable impact from changes in foreign exchange (forex) rates, and a $17 million negative impact from divestitures.
Taking a look at the GAAP (Generally Accepted Accounting Principles) figures, net income in the second quarter increased by 7.4 per cent from $162 million in Q2 of 2018 to $174 million in the current period.
Operating expenses for the quarter were $367 million. This represents an increase of 6.1 per cent or $21 million from the $346 million in the second quarter of 2018. This was primarily driven by higher general and administrative expenses as well as higher merger and strategic initiatives expense.
Trading revenues fall for Nasdaq YoY in Q2
The trading sector of Nasdaq overall did not achieve a solid performance during the quarter. Market services, which contribute to 36 per cent of total net revenues, fell by 4 per cent or $10 million down to $227 million.
The fixed-income and commodities trading and clearing unit, also reported a $5 million or 45.5 per cent drop in revenues, coming in at $16 million in Q2 of 2019. This decline was largely driven by a drop in revenues related to U.S. fixed income and in revenues in European commodities products.
Net equity derivative trading and clearing revenues were $72 million in the second quarter of this year. This figure is unchanged on a year-on-year comparison. Trade management services also remained unchanged on an annual review.
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